{"id":1679,"date":"2016-11-23T07:00:34","date_gmt":"2016-11-23T07:00:34","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=1679"},"modified":"2016-11-23T07:00:34","modified_gmt":"2016-11-23T07:00:34","slug":"buying-first-uk-property-un-complicate-tax-reporting","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-au\/2016\/11\/23\/buying-first-uk-property-un-complicate-tax-reporting\/","title":{"rendered":"Buying your first UK property? Un-complicate your tax reporting!"},"content":{"rendered":"

If you have just bought your first property in the UK<\/a> there are certain actions and dates that you should not forget. <\/strong><\/p>\n

Remember them and your UK tax reporting should be (relatively) painless but forget to or complete them late and you could be in for a nasty and unnecessary surprise.<\/p>\n

Register for the Non Resident Landlord Scheme (NRLS)<\/strong><\/p>\n

If you normally live outside of the UK, note you do not necessarily need to be not resident, then the NRLS will apply to you. The NRLS dictates that your letting agent (or if you do not have one your tenant) must deduct income tax at the basic rate and pay this over to HM Revenue & Customs (HMRC) on a quarterly basis.
\nThe agent will almost certainly deduct too much tax and the excess will only be paid to you when a tax return is submitted.<\/p>\n

You should, therefore, make a submission to HMRC to have the rent paid without withholding tax (note that this is not an exemption from tax). The approval is likely to be issued within a few weeks and can then be used for any other property purchases or if you move letting agents. You do not need to re-apply if you move agents or buy another property.<\/strong><\/p>\n

If your property is owned by more than one person you must submit an application for each of you. The NRLS applies to individuals, companies and trusts.<\/p>\n

Will build-to-rent experience a tax cut?<\/a><\/p><\/blockquote>\n