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.
- A trust is a NRL if all trustees live outside of the UK.
- Companies that are either incorporated outside of the UK or have its main office/premises outside of the UK are classified as a NRL.
How we can help
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:
- Advice on the UK tax implications of owning UK rental property.
- Preparation of rental accounts.
- Maintaining adequate records so as to comply with HMRC’s NRLS.
- Assist in the completion and submission of Self-Assessment returns.
- Advice on UK tax deductible expenses incurred.
- Convenience in that UK tax affairs relating to UK rental property are up to date and in order.