Reluctant Landlords 1
Protect your property from the tax men (1)
The first of a five part series of advice from experts Montfort International plc for home-owning migrants
The tax implications for 'reluctant landlords' bound for Australia.
Due to the currently weak state of the UK property market, some prospective migrants are finding themselves becoming 'reluctant landlords' as they are unable to sell their home prior to emigrating. Most do so in the hope that it will be for the short term and plan to sell once the property market picks up again. In reality however it could still be some time before this is the case, meaning there is a danger of new landlords becoming unstuck if failing to plan appropriately.
With the amount of regulation involved and the difficulty posed in managing the property from such a distance, you would be well advised to consider employing a good letting agent to manage the property for you. It is important that you fully understand your responsibilities as a landlord and it is worth seeking specialist advice regarding your tax position in both the UK and your new home country.
If you believe that renting out your UK property may be a viable proposition, seek specialist mortgage and tax advice to ensure you stay on the right side of both the UK and Australian tax offices. Few UK accountants or advisers will be able to advise on the Australian tax situation, so talk free to one that does, Montfort International plc, on 0800 018 3571.
The first of a five part series of advice from experts Montfort International plc for home-owning migrants
The tax implications for 'reluctant landlords' bound for Australia.
Due to the currently weak state of the UK property market, some prospective migrants are finding themselves becoming 'reluctant landlords' as they are unable to sell their home prior to emigrating. Most do so in the hope that it will be for the short term and plan to sell once the property market picks up again. In reality however it could still be some time before this is the case, meaning there is a danger of new landlords becoming unstuck if failing to plan appropriately.
With the amount of regulation involved and the difficulty posed in managing the property from such a distance, you would be well advised to consider employing a good letting agent to manage the property for you. It is important that you fully understand your responsibilities as a landlord and it is worth seeking specialist advice regarding your tax position in both the UK and your new home country.
If you believe that renting out your UK property may be a viable proposition, seek specialist mortgage and tax advice to ensure you stay on the right side of both the UK and Australian tax offices. Few UK accountants or advisers will be able to advise on the Australian tax situation, so talk free to one that does, Montfort International plc, on 0800 018 3571.
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