Important Aspects of Non-resident Property Tax in the UK

The Brexit has increased the interest to invest in property in the UK amongst the expats, and non-residents of the UK and the foreign nationals. The fall in the value of the pound against various foreign currencies is triggering the investors to make use of the opportunity. However, many of the foreign investors have many questions before they would like to make an investment for acquiring a property in the UK. The non-resident property tax is one of the most prominent of these considerations. 

You might be having any kind of residential status; despite that you can take the advantage of the many of the investment opportunities in the UK. Once you have property and you decide to take a rent on the same, you will be a liability to get an income tax on the same. However, a person can deduct allowances and expenses before paying the relevant tax. The various costs and expenditures that can be deducted include:

Property Tax: This can be easily calculated by the standards norms given by the government. However, it is easier if you hire the services of a reliable property tax management company for this calculation of the deductible amount.

Repairs and Maintenance: The maintenance cost and the day to day repairs should also be calculated. The costs involved in handling water pipe burst, boiler replacements or redecoration, all need to be applied in deductions. 

Wear and tear: New rules have been introduced regarding wear and tear. These now cover any items related to furniture and are included as a part of the rental package of fully furnished properties. One can claim a 10 percent rent annually for the wear and tear allowance in lieu of your rental income. This is whether you spend or don’t spend the same amount on repair or replacements. The actual expenditure can be claimed on the items that have been affected by the maintenance of wear and tear issues. These cover white goods like refrigerators, washing machines and freezers, besides, curtains linen, movable items of furniture like sofas, beds and wardrobes, television, and crockery and cutlery. 

You can know more details on how to pay non-resident property tax in the UK and the liability for gaming capital tax and much more at Martax Personal Tax Solutions. The team of experts can provide solutions for every situation.