Is anyone renting out their house in UK - Income Tax implications

[AGuyCalledPhil]

Hi all,

 

I have a house in the UK that I would like to rent out when I go to Australia. Has anyone else do this?

Do you just use your UK personal tax allowance and pay any excess tax in the UK. If I got a job in Oz

then I guess that I am subject to Australian income tax.

 

Thanks Phil

[wirralrosie]

You have to do a UK tax return and declare the amount you receive for rent. If that amount goes above your personal tax allowance you will have to pay tax on the difference. It depends what visa you are on as to whether you pay as well in Australia.

[Guest scrumpy]

Isnt there some "over-seas landlord form" that needs to be filled out?

[Notts]

Isnt there some "over-seas landlord form" that needs to be filled out?

 

NRL1 is the form. If you do not file it with HMRC then your tenant or agent has to deduct basic rate tax from your rent payments and pay it to HMRC. (There a couple of other conditions to satisfy when you file NRL1).

[Alaska]

Hi all,

 

I have a house in the UK that I would like to rent out when I go to Australia. Has anyone else do this?

Do you just use your UK personal tax allowance and pay any excess tax in the UK. If I got a job in Oz

then I guess that I am subject to Australian income tax.

 

Thanks Phil

 

We do it. We do a self assessment every year. Definitely get the form mentioned filled out so you can take the expenses out before the tax is worked out. We then file using "Tax calc" online which is pretty simple.