INCOME TAX FOR LANDLORDS:
Taxpayers that let out property in the UK are expected to submit a self-assessment declaring the rental income in the returns.
As a Landlord, you would need some support claiming the right amount of expenses and tax relief to reduce your tax liability.
Having adequate advice would help any landlord as many changes are being made that are affecting residential property landlords.
I can provide support with preparing your yearly rental accounts and submitting your self-assessment returns.
PROPERTY LET CAMPAIGN
The Property Let Campaign was a campaign that was set for landlords of residential properties in the UK that have not declared rental income since receiving their rental income.
HMRC is aware that there are a lot of landlords in the UK that have not been recording their rental income. Due to this, they have opened a window which allows taxpayers that are not paying tax on their rental profit to make a declaration through the let property campaign.
This campaign is just for a short period. The HMRC hopes this would give landlords, who owe tax through letting residential properties in the UK or abroad, an opportunity to get their tax up to date in a simple way.
If you would like assistance in submitting your Property Let Campaign, kindly contact me.
ARE YOU A DIRECTOR OF LIMITED COMPANY?
When you are a director of a limited company, there are a few compliance issues that need to be completed yearly as the director. The advice I give concerning remuneration (dividend tax) is that benefit in kind and pension contributions could help to reduce tax for the taxpayer.
When non-residents in the UK dispose of residential properties directly, they are chargeable to capital gains tax. With the changes that were made after 6th of April 2019, when disposal of non-residential properties and land either directly or indirectly by non-residents, is now chargeable within the capital gains tax rule.
What this simply means is that every non-resident individual /agent and non-resident trustee that is disposing of properties or land in the UK would have to submit a non-resident capital gains tax return.
This would then be reported online using the form Non-resident capital gains tax return.
If you, the taxpayer, is also registered with HMRC under the self-assessment regime, you must still complete an NRCGT return separately.
Non-UK residents that earn income in the UK will have to pay tax on their current earned income.
This could either be income that has come from rental income or other income from trading within the UK.
When taxpayers make capital disposals, (such as properties, shares, business or capital items over £6000) they must pay capital gains tax.
Various tax reliefs can be used to reduce the tax due to HMRC.
There are several changes to tax relief such as entrepreneur’s relief, gift relief, etc.
There are also changes to the way property owners declare their capital gains from April 2020.
Property owners must now submit capital gains tax return every time they dispose of a property that is not their main property.
I am a Certified Chartered Accountant with many years of experience, consulting and advising clients on matters relating to accounting, finance and tax
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