UK Property Owners & Landlords

UK Property Owners and Landlords

PetersonSims are specialists in advising UK and expat landlords who own properties in UK and overseas.  If you own a rental property you are obliged to declare any income or profit you make from it. Whether you are a landlord, own a property overseas, a second home here in the UK, or you rent out rooms in your house, talk to us to find out about your tax implications.  Even if you’re not a landlord, if you decide to sell your investment property, the profit you make from the sale becomes subject to capital gains tax.

We can :

  • prepare rental accounts for all landlords, whether you have one let property or a portfolio of hundreds
  • provide property management accounts
  • prepare individual annual self-assessment tax returns or corporate tax returns
  • advise on tax deductions for rental properties
  • advise on maintenance and repair claims
  • recommend when to use a limited company
  • prepare capital gains tax submissions
  • prepare capital gains rollover and holdover elections

Your tax position will be affected by changes to the way mortgage interest can be claimed by individual investors (not companies).  It’s important to review your position as the changes will have an impact on your tax position.  PetersonSims advise landlords on minimising their tax liability while taking care of their compliance obligations.

If you Live Overseas

Landlords living outside the UK for any period over 6 months, (even if still regarded as tax resident in the UK) can suffer a basic rate tax withholding. In order to avoid this tax withholding it is necessary to register with HMRC under the Non Resident Landlords’ Scheme; we can assist you in registering.

Capital Gains Tax Regime

Since April 2015 owners of UK residential property, who are not resident in UK, have a new capital gains tax regime. Special rules apply and any gain must be reported within 30 days of completion. We can assist and advise with this regime.

We can prepare the declaration and advise you on all tax aspects of your property letting business, including capital gains tax liabilities.

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


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