Non-Resident Landlord Tax Planning
The UK tax system dictates that non-UK residents who receive rental income from property within the UK are liable for income tax payable to HM Revenue and Customs (HMRC).
This applies to individuals, companies and trusts that receive UK rental income.
Individuals are considered Non-resident Landlords (NRL) if they live outside the UK for 6 months or more per year.
Companies that are either incorporated outside of the UK or have its main office/premises outside of the UK are classified as a NRL. A trust is a NRL if all trustees live outside of the UK.
Given the attractiveness of the UK property landscape and the buoyant rental market, our clients include individuals, companies and trusts to whom we offer a full range of services.
Our Services Include:
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Advice on the UK tax implications of owning UK rental property.
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Assist in the completion and submission of Self-Assessment returns.
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Preparation of rental accounts.
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Advice on UK tax deductible expenses incurred.
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Maintaining adequate records so as to comply with HMRC’s NRLS.
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Convenience in that UK tax affairs relating to UK rental property are up to date and in order.
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How we can benefit your business
Rental income derived from UK properties (whether residential or commercial) is taxable within the UK. How this income is taxed is dependent upon whether the landlord is an individual or a company and whether a letting agent is used.
With the introduction of new legislation it can be tricky to ensure that you are correctly disclosing and reporting to HMRC any income from rental or gains which have arisen on a property disposal and/or that disclosure is in the correct format. This is before you even consider the rebasing rules and the different methods for calculating any gain on disposal!
Non-resident individuals are subject to UK Capital Gains Tax on the disposal of property, which needs to be reported to HMRC within 30 days of completion via an NRCGT return (Non-resident Capital Gains Tax Return) and any subsequent liability paid, leaving very little time to adhere to these reporting requirements and obtain the cash funds to settle any liability.
PRS Smart regularly assists non-resident landlords with their UK compliance obligations, including submission of the NRLS application to receive rent gross and their UK tax returns. We can also provide UK Statutory Residence Test advice for those visiting the UK.
Why Choose PRS Smart for NRLL?
At PRS Smart, we have qualified Chartered Tax Advisers within the tax consultancy team who can provide advice and assistance in all areas under the Non-Resident Landlord Scheme to ensure that you are meeting your UK tax obligations.
We have prepared many non-resident landlord returns (for both individuals and companies) and disposal calculations for numerous clients and would be more than happy to assist where we can.
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