An increasing number of my clients are also landlords, both UK based and outside the UK. In recent years many people have taken to purchasing property in the UK for the sole purpose of capital growth or rental income.
The UK remains very favourable to landlords as there are a good number of interesting tax planning opportunities especially if you are outside the UK.
The main tax compliance issues to consider are your rental property tax accounts to identify the taxable profit or loss, taking into consideration all allowable business expenses and any issues arising if you are a non resident landlord.
Remember as a non-resident landlord HMRC expect tax to be deducted at source unless you apply for the NRL or Non-resident Landlord scheme.
Tax you pay under the non resident landlord scheme is normally included on your SA100 tax form and results in a refund or helps reduce your overall tax bill for the year.
Renting property allows you to draw the accumulating profits as income or as capital or as a capital gain. This allows excellent planning to minimise your over tax exposure.
I can help with all stages, including accounts, tax forms and tax planning so just contact me Matthew, if you have any questions at all.