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Sam
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Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I would like to ask a question about income tax. I hold a

Resolved Question:

I would like to ask a question about income tax. I hold a property worth of GBP 59,495 and get annual return of 5354. I am planning to buy another one worth of GBP 64,950 and get annual return of 6495. The total income from properties would be GBP 11,849. I think the first GBP 11,000 are free of tax, so how would it work for remain GBP 849. In addition, I do hold bonds and get interest on them. If I plan to buy more property in future, then how will the income tax be and how does tax filing and payment work for non citizens. I am neither a citizen nor a resident of UK.
Submitted: 6 months ago.
Category: Tax
Expert:  Sam replied 6 months ago.

Hi

Thanks for your question, I am Sam and I am one of the UK tax experts here on Just Answer.

You should be filling in a self assessment tax return for HMRC each year, even with just this one property - so that when your income increases with rental income then your tax can be calculated for payment for each 31st Jan

Furthermore if you are not UK resident then your managing agent (or your tenants if there is no managing agent) should be deducting tax from the rents for HMRC and paying this over to them each quarter. Or you can apply for the non resdient landlord scheme - I have provided a link for information below

And as a non UK citizen you may not be entitled to UK personal allowances so in fact it may be all your rental income is liable to tax.

I have provided here

1) Link to register for self assessment

2) Details re the non resident landlord scheme and tax on rental income when not resident

https://www.gov.uk/tax-uk-income-live-abroad/rent

3) Uk personal allowances and non UK citizens although this is the consultation document this provides the gist of eho continues to be due alloances when not resdient in the UK and not a UK citizen https://www.gov.uk/government/consultations/restricting-non-residents-entitlement-to-the-uk-personal-allowance/restricting-non-residents-entitlement-to-the-uk-personal-allowance

Let me know if I can assist or expand further

Thanks

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 13778
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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