Non Resident Landlords

 

Our Self Assessment Tax Return Services are especially well used by Non Resident Landlords as they provide an easy and cost efficient way of ensuring that you keep up to date with your UK tax affairs and just as importantly that you pay the correct amount of tax and not a penny more.

When you leave the UK whether it is temporary or for good, you may still have a tax liability for any income that arises in the UK.

The most common of these are:

·         Property income

·         Savings income

·         UK State Pension Income

We will use our experience in expatriate tax matters to ensure that all possible reliefs are claimed and that you utilise any property losses from previous years and carry forward any losses from current years. these are especially useful as it is possible that the first year of letting will result in extra costs than the subsequent years.

Our Managing Director has himself been a Non Resident Landlord so understands the issues and the anxieties relating to letting your property whilst you are based overseas.

It is also probable that you leave the UK part way through the tax year, if you pay tax through normal PAYE this will normally mean that you have paid too much tax and are due a refund. Our standard Non Resident Landlord Self Assessment Tax Return Service will ensure that you receive 100% of this refund. We charge a one time£99.00 plus VAT fee for a Non Resident Tax Return, any money that is due to you as a refund will be paid directly to your account from HMRC.

HMRC have introduced a new system of applying fines for late self assessment returns, before 2011 if no tax was owed then no fines could be levied, however this has now changed, even if you do not owe any tax you will still be liable to fines starting at £100 and increasing alarmingly on all self assessment returns that are late irrespective of whether or not you owe any tax. This is a very good reason to think about your Non Resident tax return at the earliest opportunity. We are able to help you at a fraction of the cost that the daily fine regime of HMRC can end up costing.

Banner_04_new1

 

Personal Tax Returns

Personal Taxation Services

Personal Tax Returns including the taxation of buy to let property is one of the areas that we specialise in through PGA Tax Returns.

Each year over 8 million individuals are required to complete a self assessment tax return, of these 8 million over 900,000 file after the deadline of 31 January.
This results in an immediate £100 fine followed by another £100 fine if the return is not made by July, in extreme cases where returns remain outstanding this fine can increase to £60 per day. In the majority of cases of delayed returns it is simply because the taxpayer does not realise that they have to complete a self assessment tax return. Just because you have a job and are taxed at source through the PAYE scheme you are not exempt from completing a self assessment return.

The following are a few examples of what would trigger the requirement to complete Personal Tax Returns

• Income from Land or Property (buy to let, holiday let)
• Income from a pension and a salary
• If you become a 40% income tax payer and have savings income
• If you receive income from investments that are not taxed at source
• Income from foreign sources
• Income subject to capital gains tax
• And many others that are less frequent

PGA Tax Returns  can take the pain out of self assessment, we have the processes in place to deal with large volumes of self assessment returns and by using these processes and transferring most of the data on line we are able to provide this service at an exceptionally competitive cost.
For Instant On line Quotations please see our dedicated personal Tax Return site

Banner_04_new1

Self Assessment Penalties

Self-Assessment Penalties

Your personal self-assessment tax return for the tax year to 5 April must be submitted to HMRC by 31 January of the following year, or by 31 October of the current year if it is submitted in paper form. These deadlines also apply to your separate partnership tax return where you are a member of a partnership.

Previously you would receive a penalty of £100 if you submitted it later than those dates, but that penalty would be reduced to nil if you were due a tax repayment, or all the tax due was paid by 31 January. There was however no reduction for penalties relating to late partnership returns. From the 2010/11 tax year, these late penalties were increased significantly and are not automatically reduced even if all the tax due has been paid on time.

As well as the initial £100 penalty, there are additional penalties!

If you are…

– More than three months late submitting your return the penalty is charged on a daily basis at £10 per day, up to a maximum of £900.

– Over 6 months late with your tax return you will be hit with an additional penalty calculated as the higher of: £300 and 5% of the tax due.

– Over 12 months late, the same penalty is imposed again.

When a partnership tax return is submitted late those penalties apply to each partner in the partnership.

If you are also late in paying the correct amount of tax you will receive a penalty for paying the tax late. These penalties are calculated as 5% of the outstanding tax due at the following intervals: 30 days late, 6 months late, and 12 months late.

In view of these high penalties it is essential that we work with you to get your tax bill calculated in good time, so you can make the correct payments due and get your return submitted on time.

 

PGA Tax Returns provide a full self-assessment service to individuals, landlords and anyone else who needs to submit a self-assessment tax return. Our prices start at just £75 + vat so you can be sure that you are receiving a quality service at value for money prices.

Banner_04_new1

Find Your UTR

In order to submit a self assessment tax return you will require a UTR or to give it its full name a Unique Taxpayer Reference. All tax payers within the self assessment system require a UTR, however finding your UTR it is not the easiest job you will have this week especially if you have recently rejoined the self assessment system or are completing a self assessment for the first time.

If you have been issued previously with a Unique Tax Reference by HMRC it will be on any correspondence regarding your personal taxation, this maybe a self assessment statement or the annual request to file a return. It is normally but not always hidden on the top left of the letter and is made up of 10 numeric digits split into two blocks of 5.

If you cannot find your UTR or if you now meet the criteria whereby you are required to complete a Self Assessment Tax Return the following text has been taken from the HMRC site and provides guidance on finding your UTR. It should be noted that under no circumstances will HMRC provide this information over the phone so ensure that they know your current address as they will send it to the address on their records.

Unique Taxpayer Reference (UTR)

The Unique Taxpayer Reference (UTR) is only issued by HM Revenue & Customs (HMRC) when you, or your client, have registered for Self Assessment. It is made up of 10 numbers, for example 1234567890, and can be found on documentation issued by HMRC such as the Tax Return (SA100), a ‘Notice to complete a Tax Return’ (SA316) or a Statement of Account.

Depending on the type of document issued the reference may be printed next to the headings ‘Tax Reference’, ‘UTR’ or ‘Official Use’.

Please note: If you’re self-employed and you register online for business taxes, you will automatically be enrolled for each HMRC Online Service that you selected.

In all other cases, you’ll need to register with HMRC for Self Assessment and enrol for the online service separately. If you have not yet registered with HMRC for Self Assessment this must be done to get the reference before you enrol for the online service.

For further information please see Registering for Self Assessment.

Where to find this

Location of your UTR

 

If you require any assistance to find your UTR please give us a call on 01666 829013

 

Banner_03_new1

 

Paying Self Assessment Tax

The links below are taken direct from the HMRC site and provide information on paying Self Assessment Tax (personal tax as advised on your self assessment tax return) Should you need any further assistance with this please call on 01666 829013. Personal Tax is payable by 31 January of the year following the tax year that is being assessed.

How to pay Self Assessment/Capital Gains Tax

This guide gives you the payment deadlines for Self Assessment tax (including payments on account and Capital Gains Tax) and tells you about your payment options. You may need to complete a Self Assessment tax return to tell HM Revenue & Customs (HMRC) about your income or gains.

On this page:

 

If you require any assistance please call us and we will be pleased to assist.

 

Banner_03_new1