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If your UK property generates rental income, you are required to report the net income. However, with the right advice you may be able to deduct certain expenses and tax-free allowances, to help you retain more of your earnings. Our UK tax experts can advise you on the correct way to file your return in order to avoid penalties, while also identifying opportunities to reduce your tax burden by claiming the allowances and deductions you are entitled to..
There may be a one-off tax return due when you sell your UK property, if the property has gained in value since you purchased it. There are a number of filing options available so it may be difficult to find the method that will achieve the best result for you. Also, if you have ever lived in the property you may be entitled to some relief from capital gains tax. There are a number of exemptions that could apply to you, so you should seek advice from Buzzacott, who often advise in this area, before you begin the process of selling your UK home.
If you sell your UK property while you are non-UK resident, a special one-time Non-Resident Capital Gains Tax (NRCGT) return will need to be filed within 30 days of completion. This form must be filed online in addition to your regular tax return. We can support you with this to ensure the form is filed correctly and on time.
The UK tax year runs from 6 April to 5 April and if you submit your return electronically the filing deadline is 31 January, following the end of the tax year. Her Majesty’s Revenue and Customs (HMRC) will penalise late filed or incomplete tax returns and are very active in pursuing those who are non-compliant.
For professional advice tailored to your unique circumstances, please fill out the form below and one of our experts will be in touch to discuss your requirements and how we can help. Please note that our advisory services are charged at our hourly rates and a formal engagement will need to be in place before any advice is provided.
