Rental Income

Rental income has been subject to significant change, which makes calculating taxable profit a challenge for landlords and property investors

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If you let property then this rental income is usually taxed as it is considered an investment.

You may be an accidental landlord, investing for regular income, capital growth or as part of your retirement planning but keeping up to date with changing rates, allowances and tax laws is challenge.

In recent years landlords and property investors have seen a series of changes to the way that tax is levied and changes to reliefs. Rules for non-domiciled and non-residential individuals have also changed which adds to the complexity of taxation for some landlords. With an increasing global mobile workforce, many individuals are letting out their property for periods when relocated overseas.

However it can be challenging to work out allowable expenses and calculate the profit you need to pay tax on, especially as rental income is an area that has been the subject of significant change.

If you live overseas and receive additional income there may be added considerations from a tax perspective. The tax treatment of non domiciled and non resident landlords is an area that has changed and it can be difficult to keep up to date with the latest rules.

Our specialist team assist UK resident and non UK resident landlords to ensure that they are compliant with their UK tax filing obligations and that their tax liability is calculated accurately.

This includes:

  • Providing advice on all aspect of the UK taxation of rental income
  • Assisting with the preparation and submission of UK tax returns
  • Advising non UK resident landlords on their tax position in repect of additional income
  • Ensuring you are claiming any allowable expenses due and help keep your taxable rental income to a sensible minimum

Tax advisory for landlords and property investors

Our team of experienced tax advisors work with landlords to create a robust and tax efficient plan, specialist services and advice for landlords include

  • The tax treatment of the rental income received
  • How to get tax relief for loans on the property
  • The rules on maintenance expenditure
  • Inheritance Tax planning
  • The tax position if you decide to sell your UK property
  • CGT planning

Holiday Homes

Whether your holiday home is a lifestyle choice or an investment to generate income in the future, you will want to be sure that you are not paying more tax than you need to. The location of the property, the duration of rental periods and your own place of residence will all affect your tax situation. Our specialists are experienced in advising on the tax treatment of rentai income from holiday homes.

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For tax advice on rental income please contact our specialist team

    Rental Incomehttps://www.alliotts.com/expertise/personal-tax/rental-income/
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    Jane
    Thackstone

    Partner

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    Jane is a qualified Chartered Tax Adviser and Chartered Accountant.  She has over 20 years’ experience providing tax advice, planning and compliance services to High Net Worth individuals, families and Trustees.  Jane is authorised to undertake non-contentious probate work.

    Jane advises on a wide range of areas but specialises in:

    • Inheritance/estate tax planning
    • Residence issues around the statutory residence test
    • Probate
    • Personal tax services and advice, including complex tax returns
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    Wei Wei | Alliotts

    Wei
    Wei

    Senior Manager, Mixed Tax

    View Wei's profile

    Wei is a qualified tax professional with over 10 years’ experience advising UK and internationally based private clients on a broad range of UK and cross-border tax matters. Her expertise includes UK residence and domicile, international mobility, and the tax implications of relocating to and from the UK. She also advises on tax-efficient strategies for protecting and managing global assets and preserving family wealth for future generations, including the use of Family Investment Companies, Trusts and other appropriate ownership structures.

    Wei takes a practical and commercially focused approach, tailoring her advice to each client’s circumstances and objectives. She works closely with clients and their wider professional advisers to interpret complex and evolving tax legislation and develop effective and compliant solutions for managing and structuring their affairs.

    Wei was awarded a Distinction in her Master’s in Finance and Investment from the University of Exeter, where she also received the Dean’s Commendation for outstanding achievement, and holds a First-Class Honours Degree in Accountancy from the University of Stirling.

    With strong technical expertise and extensive private client experience, Wei provides clear, practical and commercially focused advice, helping clients navigate complex tax matters and achieve their long-term wealth planning objectives.

    Additional Languages: Mandarin

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    Gerry Hollingsworth | Alliotts

    Gerry
    Hollingsworth

    Senior Manager, Personal Tax

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    Gerry is a Chartered Tax Advisor and Fellow of the Association of Taxation Technicians. He has over 30 years of experience in all aspects of private client tax. Gerry works with a wide range of clients, including high net worth individuals in all areas of personal tax including compliance and tax planning.

    Gerry has expertise in the taxation of private businesses and partnerships, all aspects of personal income (including UK and non-UK landlords) and capital gains, and inheritance tax matters.

    In addition, Gerry has a special expertise, coupled with extensive experience, of advising our clients about the implications of tax residency and domicile matters according to individual and personal circumstances in order to enable tax efficient outcomes.

    Gerry is recognised for his ability to build strong relationships with his clients to really understand what is important to them and their families, which enables the best possible support and advice that works for the long term. He takes a proactive approach and provides our clients with clear advice on the complex UK tax rules as they impact their financial transactions.

    Gerry also works with colleagues across the world through connections in our international network, Alliott Global Alliance when there are cross-border issues.