Renting property in UK

[mcwhirter]

Hello,
I used to live in the UK and am now renting the property. The tenants moved in yesterday.

The propery is registed with the landlords register etc, and I would like to know about taxes I would have to pay on the rental income.
I am a paye tax payer in Ireland and resident here, so how do I declare the income and are there any allowances etc.

thanks

 

[Tomorrow]

Hi there

You will need to register yourself with HMRC.
Your tenants or your letting agent have an obligation to deduct tax from the rent if it is over £100 per week.

You can apply to receive the rental income without deduction - see here - http://www.hmrc.gov.uk/cnr/nr_landlords.htm

Either way you will have to complete a tax return in the UK showing rental income details.

You will also have to complete a tax return in ROI. As you are resident here, you have to declare all worldwide income. You will get credit for any tax you have paid in the UK.

 

[Domo]

I agree with the above.
You will have to keep good records as the UK and Irish tax years are different. The Irish tax year is the calendar year, and the UK runs from 6 April to 5 April.

Also not that there are some differences in the way taxable profits are calculated in the two countries.

You will pay UK tax on any UK profit arising calculated under UK rules), but if you are an EU national you will be entitled to your personal allowances.

You will be taxed in Ireland on the profit arising (calculated under Irish rules), but should be entitled to a tax credit for foreign tax paid (but subject to calculation)

www.taxingtimes.ie