Individuals who have property in the UK, but are based abroad, will need their tenants or letting agents to operate the Non-resident Landlords Scheme.
This includes deducting tax at the basic rate from the rent collected for non-resident landlords, unless HM Revenue & Customs (HMRC) has approved their application to receive their rental income gross. When calculating the tax due, it is also necessary to take into account any deductible expenses.
Agents are also required to account quarterly for the tax due under the scheme, submit an annual return and provide landlords with tax deduction certificates in those cases where tax has been deducted, as well as maintaining records to show they are meeting their obligations.
To ensure compliance with all these requirements non-resident landlords need specialist tax advice, and this is where the team at Robb & Co can help.
Our Sutton Coldfield-based accountants and specialist tax advisers have many years’ experience in providing tax advice for non-residential landlords. As a result, we can advise on what expenses are allowable and calculate the actual tax liability.
Robb & Co can prepare and submit your quarterly and annual returns, as well as completing the relevant tax deduction certificates. We are also able to provide guidance on how to improve your record-keeping procedures, if required.
For more information on our tax advice for non-resident landlords, please contact us.