Landlords

Home / Tax Blog / Archive by category "Landlords"
Self Assessment worries dog the new year 2017

Self Assessment worries dog the new year 2017

January tax help.

Firstly I hope all our readers and clients have a Prosperous 2017, not held back by Self Assessment worries.

As is so common after Christmas, we are getting loads of calls from new clients. People are keen to sort out their taxes.  I think Christmas focuses the minds.  People have time off at home.  They have chats with spouses and family.  They realise all is not well.

Self Assessment Tax Returns having been around for 20 years now. Despite this the 31 January date still creeps up and bites people every year – though the penalties are now nastier.

VIDEO – on similar content to this – see here

Why might you call Huston & Co?

  • You have income to declare and have not yet registered with HMRC
  • You are registered and realise there is not long left until the 31 January filing deadline, and want help with the Self-Assessment form.
  • There is a confession to be made to HMRC covering a number of years, and you want us in your corner against HMRC
  • You just want a chat or a review and can get that for an hourly consultation, by phone or in person.
  • You live or work overseas and want our specialist help with UK rents or overseas earnings.

Some people phone having seen my free tax videos on YouTube ( www.YouTube.com/HustonTV ).  I am delighted that these have been viewed well over 80,000 times.

Self Assessment

We can get your Self Assessment return filed before the deadline even late in January.  Also, in the early part of the month we can still get you registered with HMRC in time too!

Call Adrian Huston or Felicity Huston on 028 9080 6080 for a chat and a price to help you out. View the video for this post here

We are both quite approachable, despite both having been Tax Inspectors before we crossed the floor!

Rent out property in UK-rules for non-resident landlords – NRL1

Rent out property in UK-rules for non-resident landlords – NRL1

Landlords and Buy to let, rent , rental income, non-resident - rules HMRC insist on.Are you non-resident for tax purposes, either because you live abroad or live in UK but work abroad, and rent out a place in the UK?

Do you own a property in the UK which you rent out?

Answer YES to both of these and this video ,which I filmed in Umbria, is for you – see below.

If you have a UK rental property and are non-resident for tax purposes then you face two stark choices:

  • You can declare the rents and expenses to HMRC each year, or
  • You can have basic rate tax (20% in 2015/16) deducted from the rents before you get them.

This latter point is quite painful and often means you will pay more UK tax.  This is because you cannot claim any expenses.  Also you do not get any Personal Allowance. (The amount of UK income a UK person can earn before tax, £10,600 in 2015/16.)

 

The law requires your letting agent to deduct this tax and pay it to HMRC.  If you do not have a letting agent then this onerous law means the TENANT must deduct the tax and pay it to HMRC!

If you prefer to declare your rents each year, then you can complete a tax return each year.  But first you must send HMRC form NRL1.

Huston & Co are specialists in tax for non-residents and have hundreds of British clients living or working abroad, many getting rent in the UK.  We can help you with all this.  We can complete the NRL1 form and also the annual tax returns, leaving you to enjoy life with a clear conscience. Directors Adrian Huston & Felicity Huston are both former Tax Inspectors.  This is a family firm with no outside staff.

Tax on rent – call us on +44 28 9080 6080, email IRAQ@huston.co.uk (or desk for overseas work) or check out www.Huston.co.uk