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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 15762
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 get in contact with a UK Tax Advisor I have

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Hello
JA: Hi. How can I help?
Customer: I would like to get in contact with a UK Tax Advisor I have a few questions I would like to ask get some visibility
JA: Have you talked to a tax professional about this?
Customer: I would like you to transfer me to one :)
JA: Anything else you want the Accountant to know before I connect you?
Customer: no

Hi,

I am an advisor at JA and happy to assist you.

Could you please provide more details about your query.

Regards

HMAT

Customer: replied 16 days ago.
Hello Hmat

Hi

Customer: replied 16 days ago.
Are you based in the UK?
I would like to ask you a few questions to ensure you have the expertise I'm looking for
Customer: replied 16 days ago.
before having a phone call

Yes, i am based in UK. So its my interview time, i am not looking for a job ;)

i don't do phone calls anymore as i don't find them cost effective

Customer: replied 16 days ago.
Hello Hmat, its not about having an interview :) Its about ensuring you have the expertise I'm looking for before Paying.
Customer: replied 16 days ago.
SInce i'm looking for someone who is an expert in Real Estate Taxes
Customer: replied 16 days ago.
especially for an international investor, and not a UK resident nor citizen
Customer: replied 16 days ago.
Do you get me now? Cause I've previously asked someone, and they said they do not have this expertise, and do not know anything about it ;)

Please ask your question here and i'll answer it

Customer: replied 16 days ago.
I'm an international investor, planning to buy a real estate either in Liverpool or Manchester. I would like to know what are the taxes I should have in mind? What liabilities do I fall under? I am planning to rent the app, should I pay any tax as an international investor etc.
Customer: replied 16 days ago.
other taxes such as Capital Gain Taxes

Hi,

If you buy the property as individual and rent it then you'll pay income tax on profits on annual basis.

CGT is only applicable when you dispose off the asset so its too early to think about it.

I hope this answers the query.

Regards

Muhammad

Customer: replied 16 days ago.
Hello Muhammad, glad to know your name. This is Hussein
Customer: replied 16 days ago.
What is the percentage on the rent income?
What other taxes am I liable too when buying an appartment?

Hi Hussein,

20% income tax.

you need to pay Stamp duty when buying the property.

Regards

Muhammad

Customer: replied 16 days ago.
are there any other taxes? Why are you giving them to me on a piecemeal basis lol
Customer: replied 16 days ago.
such as Govt. taxes, land taxes? etc.

Hi

Im sam one of the Uk tax experts and also ex HMRC (UK tax ofice) and have ny own accountancy business

So you will pay stamp duty on purchase long with other legal fees for searches (makes sure that the ground is safe and there are no plans to build roads etc through the property (These are charged by the lender as part of the borrowing review of money they are to lend you)

then after you have the purchase made and decide to rent it out you have4 to register for the non resident landlord scheme so you can have your rents paid to you WITHOUT any deduction of tax initially and must register with HMRC that you will be receiving UK rental income. You then complete an annual tax returns declaring the rental income and expenses and pay tax on the balance at 20%

Non resident landlord scheme here https://www.gov.uk/government/publications/non-resident-landlord-application-to-have-uk-rental-income-without-deduction-of-uk-tax-individuals-nrl1

Registering for self assessment with HMRC (UK tax office) https://www.gov.uk/tax-uk-income-live-abroad/rent

At the end of every UK tax year (5th April) you then complete the tax return to be with HMRC by 31t Oct if filing a paper version or 31st Jan the following year (if filing online) any tax you owe also has to be paid no later than that 31st Jan

Then when you sell you must inform HMRC within 30 days of sale and pay capital gains tax - link here that expands on this https://www.gov.uk/guidance/capital-gains-tax-for-non-residents-uk-residential-property

Do let me know if you have any questions

Thanks

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 15762
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Sam and other Tax Specialists are ready to help you
Customer: replied 16 days ago.
Hello Sam,Thank you for your message. (In regards ***** ***** stamp fees) I got an answer from another tax advisor that Stamp Fees are currently off for all UK and Non-UK residents till April 2021. (In regards ***** ***** Legal Fees) Would I have to pay that if I'm purchasing a brand new apartment? I'm not sure this is valid.

The only changes to stamp duty is when the purchase is under £500000 for first time buyers then its NIL Unless you own another property its 3%

If its over £500000 then stamp duty applies see link here for rates
This all changes again from 06/04/2021

https://www.gov.uk/stamp-duty-land-tax

Thanks

Sam