letting agents maidenhead appletons on 22 Sep 2009 12:08 pm
Rental Taxation
TAXATION AND RECORD KEEPING
You will probably need an accountant to help you with your property income, especially if you will to be living overseas.
Income Tax
The Inland Revenue state that income from property is subject to taxation at standard rates, and your expenses in letting the property are generally tax-deductable (these often can include mortgage interest payments, but will exclude capital expenditure, such as furniture/appliances etc.). You will need to tell the Tax Authorities that you are renting out your property. We can offer general guidance, however, we strongly advise you instruct an accountant if you are uncertain in any way.
Non-Residents
If you will be living overseas you must complete an Inland Revenue NRL1 form (available from us) to enable an agent (whether professional or not) collecting rent on your behalf to transfer this rent on to you without deducting tax at basic rate. Please ask us for more information.
Capital Gains Tax
Again the position varies according to circumstances and we recommend an accountant is consulted for the correct advice.
