Non-UK Resident Landlords
Optimus has designed a Landlord Service to handle the financial aspects of letting property, eliminating the need for property investors and lettings agents to handle the related tax and administrative issues.
Through its expertise, Optimus ensures rental investments are as tax efficient as possible whilst satisfying the needs of HM Revenue & Customs. The Landlord Service includes the preparation of annual accounts, completion of self assessment tax returns and advice on any tax payments due.
Letting property in the UK
As an investor in the UK property market you will be aware of the abundance of estate agencies and property managers who are able to let and manage your property. Once you have selected an agent, it is advisable to appoint a specialist to handle the financial aspects of your property investment, particularly one expert in the complexities of UK taxation. This is where the Optimus Landlord Service comes in.
By law, your lettings agent or property manager is obliged to deduct income tax at the basic rate from the rent it receives from your tenants, and pay it directly to HM Revenue & Customs. This means the total amount of tax paid is most often much more than necessary. Why? Because your agent cannot take into account all the tax-allowable expenses you pay yourself, such as mortgage interest payments or any personal allowances to which you may be entitled. Our service can, and also provides much more.
What does Optimus’s Landlord Service provide?
- On appointment Optimus immediately applies to HM Revenue & Customs to receive your lettings income without tax deducted at source. This is a facility which we can keep in place even if you change agents.
- We liaise with HM Revenue & Customs on your behalf answering all enquiries relating to your property investment.
- We provide you with easy-to-understand annual rental accounts, which detail periodic and annual itemised income and expenditure, cash inflow and outflow. We are also happy to analyse your financial investment if required.
- We calculate the amount of income tax you owe, having deducted allowable expenses and your personal allowances (where applicable).
- We inform you of the deadlines for tax payments, if any need to be made.
- We prepare and submit your annual self assessment income tax return and, if applicable, your company’s ATED return. These are legal requirements in the UK, and the latter needs to be submitted even if no tax is owed.
- Your personal team member stays in regular contact with you and is available to answer any questions you have on relevant UK taxation matters (such as Capital Gains Tax, Value Added Tax, and residency status).
- Optimus also applies on your behalf for any tax repayments in cases where tax has been over-deducted at source.
- We also liaise with your agent/property manager to resolve any financial issues relating to your property, whether or not they affect your tax situation.
When the occasion arises we can also prepare and submit to HM Revenue & Customs your Non-Resident Capital Gains Tax (NRCGT) return. We charge a separate fee for this service.