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Tax & Tax Planning

Any difference between rental income on your property or properties over allowable expenses will be subject to income tax in the UK. We can advise our clients on tax issues and tax planning and in the first instance our advice is always simple: Under no circumstances should you conceal property income from HMRC, but you can of course, take steps to mitigate your tax liabilities by seeking professional advice from a reputable firm of accountants or an expert property management company. At Saxons we have an in house accountant who can advise on tax issues, tax planning and capital gains tax if you should require it.

It’s always sensible to keep all your invoices for sundry expenses such as ground rents and repairs, and ensure that the nature of the work is clearly stipulated in the invoices. Along with your mortgage interest, you may be able to offset these expenses against your rental income to reduce your tax bill. A detailed inventory and record of damages must be drawn up at the beginning and end of each letting period. This may well avert a potential dispute over replacement costs which are allowable if no ‘wear and tear’ allowance is claimed.

Income from letting UK property is subject to UK income tax and even If you live abroad, we must retain tax on rents received, unless you have prior approval from HM Revenue and Customs (HMRC) to receive rent without tax deducted. If you want to receive your rent without paying the tax, it’s necessary to complete the relevant paperwork and submit it to the HMRC before the start of any tenancy. We can advise and help with all this. You will of course then have to submit annual tax returns to HMRC showing details of your lettings income and expenses. You can get more information about tax for overseas landlords at the HMRC website at

Our in house accountant can also help and provide advice on all matters relating to tax for overseas landlords.

For further information on Tax and Tax Planning contact 01206 5177777 or email 

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