The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>United Kingdom Taxes

Tax experts?


if one is a non-UK resident will he be liable to pay income tax on his rented property in the uk.

Basically, if you are not resident in the UK, you are still liable for UK income tax on any UK sourced income. I would suggest you join the NRL scheme to receive your rents gross of tax. It's not an exemption, you would have to complete a tax return each year. You can minus expenses off your rental income such as mortgage interest, repairs, agent fees, etc. You may also still be entitled to the UK personal allowance.

See http://www.hmrc.gov.uk/cnr/nr_landlords....

Yes he will have to pay tax either in the UK or in the country he is resident in.

To receive the rental income free of UK tax he will have to apply to the inland revenue for exemption.

If he doesn't either the letting agent or the tenant themselves becomes responsible for deducting and remitting the tax to HMRC.

If he has no UK tax liability then he will have to declare the income wherever he lives.

Yes on any rental income and capital gains tax if you resell at a profit.

Are you confusing this with taxation of non-dom overseas earnings - these are people living in th UK with income outside and not received in the UK.

On 'double tax relief' its not that simple depends on the country but essentially most contries allow you to deduct any tax paid in the UK from any tax payable to them obviously only up to th limit of their tax - they wont give a refund!

Yes he would. You would only be liable for your UK assets however, but beware; you may also be liable in your country of domicile.

Most countries will agree that only one should take the tax though. Speak to HMRC.

Tags
  Atlanta   Other - Business & Finance   Other Taxes   United States Taxes   United Kingdom Taxes   Spain Taxes   Singapore Taxes   Mexico Taxes   Ireland Taxes   India Taxes   Germany Taxes
Related information
  • Can a usa web site charge vat on uk purchases?

    Since 2003 all digital sales made in the EU are liable to VAT. Any company selling more than about 拢70,000 of goods in all the EU countries combined is required to charge and account for VAT no ...

  • Ebay scam???

    If the amount is well over what you would expect to get, then figure it's a scam. And this is a common ebay scam. The paypal payment gets paid with a stolen credit card, and when it's d...

  • Fuel Prices .. 拢1.50 + per Litre by September 2008....?

    we only have ourselfs to blame ...by not standing up and saying to this government NO!!! WE WILL NOT PAY THAT MUCH FOR FUEL...im sorry but the great british public are just to scared to stand up an...

  • What would be the total tax payable on earnings of 拢120'000?

    A bit more detail would help but I can give you a rough guide. Tax for self employed trading is calculated on net profit and not on income. Assuming in your brothers case he has a net profit of ...

  • Whats the difference between child benefit and child tax?

    Everybody is entitilrd to child benifit, Child tax credits are dependent on how much you earn and other factors!The link below tells you if you are entitled to tax credits ...

  • How much are you better/worse off for the tax rises on 5 April?

    As a female pensioner under 65, I will lose 拢100 per annum. Anyone wanting to check their own situation can look at www.listentotaxman.

    ...
  • Is working 30 hours a week classed as part time?

    I used to work part time for 25 hours a week. And I know it was classed as part time because my holiday and pay was pro rata. If your claiming benefits then yes it is 16 hours an under. 35 hrs + ...

  • Thanks for ur answers. I wasn't given any personal allowances last year, can i claim for it?

    If you mean personal tax allowances then why not? No you cant carry them over year on year.

    ...
  •  

    Commerce Categories--Copyright/IP Policy--Contact Webmaster