Funkii Munkii

I know contacting the inland revenue is a must.

Any other info anyone can pass on, tax rates etc any loopholes worth knowing about ?

Cheers

LeeMac

iTrader: (1)

Lived in France 4 years, never told anyone apart from council tax as they wanted to know my next address and the name of those moving in
we dont rent out in UK but still dont see any reason to tell anyone

same in France, don't tell anyone!

obviously you could do it all by the book then wish you hadn't

Funkii Munkii

I have considered that especially after someone told me they will want 40%

wayne9t9

HM Revenue & Customs: The Non-resident Landlords Scheme

Funkii Munkii

Thank you Wayne

That's going to make interesting reading

marky1

A Tax friendly method. If you have a low or no mortgage.
Let's assume the property is worth 250,000 just as an example.
If you have no mortgage you pay tax on the income.
If you have a 200,000k interest only mortage you can use the interest payments as a tax deduction so the profit will be zero or even a loss.
Take the £200,000 and put it offshore and earn interest on it.
the net position is much better as you make the interest and don't pay tax on the rental income.