Changes to reporting of rental income UK 2027~
Posted: Sun May 05, 2024 1:48 pm
On the whole HMRC's self-assessment tax return for rental income for Brits residing abroad if you have a Gateway account is a pretty pain free process. Although now you can't fully complete the tax return until they have all your bank details and the tax due is being electronically transferred to HMRC on a date of their choosing. Gone are the days of paying by cheque....
Anyway, are our pain free days coming to an end???? It seems that from 2027 HMRC in an attempt to 'make tax digital' landlords who are bringing in over 30,000 pounds in rental income will have to submit quarterly accounts.
'You will need to submit quarterly updates to HMRC to declare business/property income and expenses for the period covered by the update. The intention is for the reports to be automatically generated by the record-keeping system, so this should not be an onerous process.'
https://www.litrg.org.uk/tax-nic/how-ta ... income-tax
I have always managed to do my UK tax return by myself, but I think I might need to talk to UK registered accountant.
Anyway, are our pain free days coming to an end???? It seems that from 2027 HMRC in an attempt to 'make tax digital' landlords who are bringing in over 30,000 pounds in rental income will have to submit quarterly accounts.
'You will need to submit quarterly updates to HMRC to declare business/property income and expenses for the period covered by the update. The intention is for the reports to be automatically generated by the record-keeping system, so this should not be an onerous process.'
https://www.litrg.org.uk/tax-nic/how-ta ... income-tax
I have always managed to do my UK tax return by myself, but I think I might need to talk to UK registered accountant.