International Property
Owners & Landlords

International Property Owners and Landlords

UK residents owning property overseas are required to report any rental or letting income from that property to HMRC. However, most international Double Tax treaties state that this rental income is taxed in the country where the property is located.

PetersonSims can prepare your UK tax return, taking into account the tax credit for any tax paid overseas; therefore avoiding ‘double taxation’.

With years of experience working with overseas property owners, we provide a fixed quote for the preparation of your UK tax return, therefore dealing with the issue of the foreign tax credits. All our global partners offer a tax return preparation service in their particular locations for your overseas property.

Requirement to Correct

HMRC have launched new rules known as Requirement to Correct; for those with offshore income (including property rents). It is aimed at those who have, up to now, not declared that income. The new rules require UK taxpayers to disclose all income, including overseas rental income. HRMC are encouraging disclosure now. Failure to declare can result in penalties of 100% of the tax due and seizure of assets.

PetersonSims are able to assist with your declarations and ensure that you are fully compliant and negotiate on your behalf regarding penalties.

UK Property

If you are not resident in the UK but you own a rental property in the UK you may be required to file a UK tax return. PetersonSims will prepare and submit applications to HMRC under the Non-Resident Landlord’s Scheme. This ensures that your UK rents are paid to you in full without the deduction of tax at source.

HMRC have launched an initiative known as Let Property Campaign for owners of rented property. It is aimed at those who have not previously disclosed rental income; encouraging them to do so under a light penalty regime. PetersonSims are able to assist with your declarations and ensure you are fully compliant.


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International Property Updates