Non-UK resident landlords – don’t miss your filing deadline

If you're a non-UK resident holding UK property via an offshore company, don't forget that you need to self-assess your 2012/13 UK property business profits, including profits of furnished holiday lettings, by 31 January 2014

This type of return can't be filed online so you need to allow enough time to file a signed paper return. 

You need to consider a wide range of points when preparing the return: 

  • Can the company demonstrate that it's non-UK tax resident?
  • Have accounts been prepared under UK GAAP or IFRS? If not, what adjustments are needed?
  • For new leases, have all premiums, other lease incentives, and related legal/professional/agency costs been established?
  • Have any properties been acquired or disposed of during the year?
  • Have all assets qualifying for capital allowances been identified? Have elections and other techniques to further increase the allowances available been considered? Optimising capital allowances directly translates to saving cash - important in these continuing economically challenging times.
  • Have all dilapidation receipts and expenditure been identified?
  • Is the level of debt appropriate? Have new financing arrangements been entered into? Where appropriate, has treaty clearance been granted for the gross payment of interest overseas?
  • Have bank interest and other income been identified?

If you experience any problems with HMRC’s systems, the best way to contact them is through the office which deals with non-resident landlords on 03000 516644 or 03000 516651 where in the past they have helped to resolve problems over the phone.

If you'd like advice on any of these points or help in preparing your return, please contact Lucy Shrimpton on 020 7804 2192 or at [email protected].