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16 Hamptons International
The Tax Service
Income from letting UK property is subject We will:
to UK income tax. If you live abroad we must
• Apply for exemption from tax deduction at
retain tax on rents received unless you have
been approved by HM Revenue and Customs
• Receive all HMRC communications on your
(HMRC) to receive rent without tax deducted.
In order to receive your rent gross you must
complete the relevant paperwork and submit it
• Inform you of the amounts and due dates of
to the HMRC before the start of the tenancy.
any tax payments you need to make under
the self-assessment rules
Visit for more information. • Prepare rental accounts from your regular
rental statements.
The problem
Unless HMRC specifically tells us not to, as Each year we provide:
your agent we must deduct tax at the basic rate
• An itemised income and expenditure
from the rent we collect, less certain expenses.
We pay the tax deducted to HMRC on a
quarterly basis. However, this is unlikely to be
• Cash flow on your letting account, together
the most efficient use of your money.
with opening and closing balances held by
Hamptons International
The solution
• Details of any tax deducted at source
To receive your rental payment gross of income • Completed self-assessment tax returns.
tax, a formal application must be made to
HMRC. You will then have to submit annual Our charges:
tax returns showing details of your lettings
For our standard accounting and taxation
income and expenses.
service we charge a fixed fee for each tax year
in respect of which we act.
In conjunction with a specialist division of
a chartered accountancy firm Optimus Tax
• For a sole owner of a let property - £250
Solutions, we offer a service to ensure that
• For each additional joint owner - £100
correct tax returns are submitted to HMRC and
• For each additional property, solely or jointly
that the performance of your property is as tax
owned - £200
efficient as possible. The firm we work with
has considerable expertise in UK tax matters
To discuss our tax service further and how it
affecting non-UK residents, foreign domiciled
may be of help to you, please contact us
individuals and companies investing in
on +44 (0)1225 480588 or email
property outside their country of residence.
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