Date Published 13 November 2018
If you already own or are thinking of buying UK buy-to-let property, do you know that you must file an annual tax return with the UK revenue? It`s a common misconception in property that overseas buyers of UK property do not have to pay UK taxation on rental income received from their investment. Consequently, it is only when buyers are met with demands (& heavy fines) from the UK revenue that they become aware of their taxation liabilities.
Some non-UK investors believe that they are entitled to the UK annual Personal Allowance to offset against their UK income. However, this is not available to most overseas investors and clarification should be sought as to whether you are eligible to claim this annual allowance.
You may have been informed that you can file a non-resident landlord form in order to receive your gross rental income without deduction of taxation. This does not mean that you are not liable to UK income tax and, just as important, it does not mean that you do not have to file an annual UK tax return, you do.
Any rental income with which you receive from your UK property development of where you live, and the UK revenue are becoming increasingly aggressive in their pursuit of non-tax payers. If you do not file your required tax return, the UK revenue now has powers to withdraw approval to the non-residential landlord`s scheme are now also able to obtain information from offshore banks and financial institutions with regard to clients who hold a bank account outside of the UK.
Thankfully help is at hand – we can assist you with this & give any advice in getting your UK taxation matters up to date or if you simply want further clarification on your current UK taxation position. For more information contact firstname.lastname@example.org or call 0151 733 1879