Your accounting software systems are an important part of your business. The wrong packages, or out-of-date programmes, can seriously impede your ability to undertake even basic financial admin and may carry additional costs in wasted man hours.
Accuracy of information is also essential. Fawcetts can assist you in implementing accounting packages to reduce costs and to produce accurate financial information for reports. We have extensive knowledge of accounting packages such as Sage, Xero, Quickbooks, and other mainstream systems and can assist you with software installation and all of your training needs.
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If you have lived abroad for six or months or more in a year, you are classed as a “non-resident landlord”, and the income you receive from renting out your home whilst abroad is taxable in the UK.
This needs to be declared to HM Revenue & Customs (HMRC), but you do not necessarily need to file a tax return.
Non-resident landlords can choose to be taxed in one of two ways:
- Through self-assessment (SA). SA tax returns must be filed by the 31 January deadline if you do it online, or by 31 October if you choose to do it by paper. If you haven’t registered for SA, you must do so by 5 October.
- At source, deducted by your letting agent or tenant.
If you choose to get your rent in full and pay tax via SA, you’ll need to fill in a form NRL1i, found here. If previous tax returns are outstanding, or if tax is owed, your application may not get approved.
Even if you are a non-resident landlord, your £11,500 personal tax allowance still applies.
You might also need to pay Capital Gains Tax if you make a gain when you sell residential property in the UK.