paulswin Posted February 4, 2012 Share Posted February 4, 2012 Hi, does anyone know with regards to paying tax on our home in the uk which is rented out what are we supposed to do? Link to comment Share on other sites More sharing options...
2tigers Posted February 4, 2012 Share Posted February 4, 2012 I used a rental agency to sort all of mine out. They took my home over fully, it was a few years ago now but I remember paying them something like 12 & 1/2% of my rental to them and they fully managed it. Within this they also sorted out my tax so I didn't have to worry about anything. With the fully management agreement - they found, vetted and arranged the tenants. A full inventory was done including photos of the house. They made regular visits to ensure house was kept in order. They organised workmen to go round when needed (but did get ripped off once, different story). Also within this I had payment protection, which was an insurance to guarantee I got my money on the same day each month. This way, if the tenant didn't pay on time their insurance still paid me and it was their responsibility to chase the tenant up. I can't remember how much to tax was. Link to comment Share on other sites More sharing options...
Guest oldmarried Posted February 5, 2012 Share Posted February 5, 2012 If you are tax resident in oz then you fill in an HMRC form to declare that you will pay tax in OZ. Then you declare the income and deductible expenses on your ozzie tax return Link to comment Share on other sites More sharing options...
prof moriarty Posted February 5, 2012 Share Posted February 5, 2012 I've been wondering about this too.. we rent out our house (fully managed by an agent). If you're on a 457 temporary Oz visa, do you still get a tax-free allowance in the UK? If so, would it make sense to declare the income in the UK instead of Oz? Link to comment Share on other sites More sharing options...
yorkiegirl Posted February 6, 2012 Share Posted February 6, 2012 [h=2]Rental income[/h]Any profit you make from letting a property in the UK is taxable in the UK. Your letting agent or tenant must deduct tax from the rent unless HM Revenue & Customs (HMRC) Residency has issued an authority for your property income to be paid without tax being deducted. Even if you receive the rent without deduction of tax, any profit you make from letting the property remains taxable in the UK. You can find further information by visiting the Non-Resident Landlord Scheme pages. Got that from the HMRC website Link to comment Share on other sites More sharing options...
prof moriarty Posted February 6, 2012 Share Posted February 6, 2012 Thanks for that link, Yorkiegirl, very helpful :smile: Link to comment Share on other sites More sharing options...
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