PROPERTY INCOME 

Rental Income

Taxation Aspects

The growing buy-to-let market, coupled with a general increase in property acquisition, means that many individuals need to consider the Income Tax, Capital Gains Tax, and possible Inheritance Tax consequences of owning more than one property.

Peria & Co Taxation is able to offer detailed advice.

Rental Accounts

Full disclosure must be made annually to HM Revenue and Customs of your rental income and associated expenses. We can ensure that you claim the full range of expenses to which you are entitled and thus avoid paying more tax than is necessary.

What can Peria & Co help you with?

q       Completing your Rental Accounts and self assessment Tax Return

q       Considering all appropriate claims for expenditure and allowances

q       Calculating your UK Tax Liabilities

q       Identifying tax planning opportunities to help minimise your tax liabilities

q       Dealing with the HM Revenue & Customs on your behalf

q       Completing and submitting self assessment election for non UK residents

(Without an HM Revenue & Customs approved election your managing agents or tenants will be responsible for deducting tax at the basic rate from your rents. The deductions that you are entitled to may not necessarily be taken into account and you could end up paying too much tax)

q       Providing expert advice on Capital Gains Tax if you decide to sell the property

For a confidential free initial consultation to discuss your particular requirements, please contact us on 01932 827091 or email us on info@peria.co.uk

OVERSEAS LANDLORDS

If you are thinking of moving overseas, whether for a short-term employment contract or for the long-term, and intend to let your home, Peria & Co can take care of all your tax planning and compliance needs at a competitive price.

Below is a brief summary of the service we can provide for non-resident landlords.

Preparing for leaving the UK:

q       Optional meeting to discuss the services required, including the preparation of HM Revenue & Customs letter of Authority.

q       Additional HM Revenue & Customs forms are required, like:
NRL1 - Application for exemption from the non-resident landlord tax scheme. Failure to obtain an exemption will result in tax deductions being made at source.

q       We shall obtain the Inspector’s agreement to your residence position, which will determine the extent of your UK tax exposure, and review your circumstances to highlight areas where tax savings may be made.

On an annual basis we shall:

q       Correspond with your letting agent to obtain details of rent received together with expenses paid

q       Prepare the necessary sections of the UK self-assessment tax Return Form. In all cases this will include the land and property module. Where the property is owned jointly, a tax return will be needed for each owner.

q       Calculate your tax liability and agree this with the Inspector of Taxes

q       Notify you of payments on account required by HM Revenue & Customs and advise you if a reduction should be made

Prior to your return to the UK we shall:

q       Complete a full review of your tax position and advise you of any measures you need to take prior to your return to the UK to mitigate any potential tax liabilities

q       Correspond with the Inspector of Taxes to ensure that you are provided with your full entitlement of allowances on your return

If you wish to know more about our Property Tax Compliance and Planning Services or would like to arrange a free initial meeting to discuss in more detail how we can help you, please contact us on 01932 827091 or email us on info@peria.co.uk

NON RESIDENT COMPANY

All non-resident landlord companies (overseas companies that let property in the UK) will receive their own Self Assessment tax return. There are no supplementary pages for this return.