Any individual who receives income from letting a property has to declare this to the HM Revenue & Customs, even if they do not make a profit.
We deal direct and use the latest financial software so that we can save you time and money compared to the traditional high street accountancy service.
If you are also in receipt of any other income please contact us.
Be aware, HMRC is actively looking for errant landlords and we now know how those landlords will be flagged.
HMRC is writing to letting agents in the UK, asking them to provide details of the properties they have let in 2013-2014 tax year, including the amount collected per property and the addresses of the let properties and the landlords. The letting agent is given just 60 days to provide the information, or face a penalty of £300 and further penalties of £60 per day for additional delays.
As you can see HMRC are adamant to find those not coming forward to declare their rental income.
If you think your overseas property will never be found by the Taxman, think again. HMRC is using its “connect” programme to search holiday rental websites for UK residents who are letting overseas properties. If you live in the UK your overseas rental income should be declared in the UK, as well as to the local tax authorities. Even if you make no profit from the property, you still need to show all the income and expenses on your tax return.
We will help you to prepare and submit your tax return and we will advise how to reduce your tax liability.