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Letting Your Property

Choosing to let a property – whether for the short or long term – is an important decision. Consideration of the tax implications may help you to save money or avoid problems, regardless of whether your property is already rented or could be in the future.

If you are renting out a UK property whilst living abroad you may still be liable for UK tax on profits from the rent you collect. Your letting agent is legally required to withhold 22% tax on the profit they administrate. However, there is a scheme for non-resident landlords to avoid this, but it is important to seek advice from an expert who can assist you with the scheme’s implications. It is also important to maintain accurate records of income and expenses from any letting which has taken place.

More information is available in the article, 'Tenants and Tax – What are the implications of letting your property?', which can be downloaded from our Members Library.

We can assist with this, or any other aspect of tax or financial planning. For help or advice please contact us.