Being Taxed for Renting Out Uk house!
Aug 15th 2008, 3:47 am
#31
Social Grenade Thrower
Joined: Jan 2008
Location: South Coast, NSW
Posts: 3,625
Re: Being Taxed for Renting Out Uk house!
you are wrong, I am here on a 457 and DO NOT need to declare it. However, with the new rules come into force post july 2008 I CAN declare a loss if my rental in the UK is at a loss, i.e. the rental does not cover the mortgage/management fees etc. This will be the situation come the 2009 tax declaration period. They will also allow you to declare the previous 5 years up to a max of 1650 per year I believe. The go matilda web site has all the details.
Aug 15th 2008, 3:51 am
#32
Social Grenade Thrower
Joined: Jan 2008
Location: South Coast, NSW
Posts: 3,625
Re: Being Taxed for Renting Out Uk house!
Thanks guys, I really appreciate your help & am over the moon as it sounds like we are likely to be tax exempt - however still not looking forward to filling in that tax return every year.
One last question (I promise!) how do you fill in a UK tax return from Oz? Will the Inland Revenue send it to your Oz address or can you do it on line?
Many thanks x
One last question (I promise!) how do you fill in a UK tax return from Oz? Will the Inland Revenue send it to your Oz address or can you do it on line?
Many thanks x
They sent her the paperwork to our Oz address and also emailed her.
Don't forget to read the go matilda site reference offsetting loss from property in the UK for next years tax filing.
Aug 15th 2008, 7:00 pm
#33
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: Being Taxed for Renting Out Uk house!
you are wrong, I am here on a 457 and DO NOT need to declare it. However, with the new rules come into force post july 2008 I CAN declare a loss if my rental in the UK is at a loss, i.e. the rental does not cover the mortgage/management fees etc. This will be the situation come the 2009 tax declaration period. They will also allow you to declare the previous 5 years up to a max of 1650 per year I believe. The go matilda web site has all the details.
Last edited by Grayling; Aug 15th 2008 at 8:13 pm.
Aug 15th 2008, 8:37 pm
#34
No Clean Feed
Joined: Sep 2004
Location: Hampton, Victoria
Posts: 1,381
Re: Being Taxed for Renting Out Uk house!
We dont fill one out - we're tax exempt and they havent asked for anything more from us. Obviously if circumstances changed, and we started getting a lot more rent, then we would, but as it is we dont. Its not that we havent been in touch with the Inland Revenue over the years, and are trying to hide from them either. We've spoken to them a number of times and they've never yelled for any tax return from us 
I was under the impression that if you rent out your property in the UK that you have to submit a UK return even if your NRL status. Claiming ignorance is not a defence as it's is not up to HMRC to inform you that you have to. I would seek professional advice on this. Our UK rental income minus rental expenses are way below our UK Personal Allowance but we still have to submit a return.
I assume you're a PR, so even if the sum is below the UK Personal Allowance it will still need to be declared on your Australian return.
Al
Aug 15th 2008, 9:50 pm
#35
Social Grenade Thrower
Joined: Jan 2008
Location: South Coast, NSW
Posts: 3,625
Aug 15th 2008, 9:51 pm
#36
Social Grenade Thrower
Joined: Jan 2008
Location: South Coast, NSW
Posts: 3,625
Re: Being Taxed for Renting Out Uk house!
Erm, really not sure about this one.
I was under the impression that if you rent out your property in the UK that you have to submit a UK return even if your NRL status. Claiming ignorance is not a defence as it's is not up to HMRC to inform you that you have to. I would seek professional advice on this. Our UK rental income minus rental expenses are way below our UK Personal Allowance but we still have to submit a return.
I assume you're a PR, so even if the sum is below the UK Personal Allowance it will still need to be declared on your Australian return.
Al
I was under the impression that if you rent out your property in the UK that you have to submit a UK return even if your NRL status. Claiming ignorance is not a defence as it's is not up to HMRC to inform you that you have to. I would seek professional advice on this. Our UK rental income minus rental expenses are way below our UK Personal Allowance but we still have to submit a return.
I assume you're a PR, so even if the sum is below the UK Personal Allowance it will still need to be declared on your Australian return.
Al
Aug 15th 2008, 10:17 pm
#37
BE Enthusiast
Joined: Feb 2004
Location: Brisbane
Posts: 578
Re: Being Taxed for Renting Out Uk house!
Please can someone help me?? Bit bamboozled with this tax stuff but i have a question??
We are renting our house out and Rental Agent has given me one NRL (?) form to fill in. Our mortgage is in joint names, do we need to fill one in each??
Thanks in anticipation!
Mo
We are renting our house out and Rental Agent has given me one NRL (?) form to fill in. Our mortgage is in joint names, do we need to fill one in each??
Thanks in anticipation!
Mo
Aug 15th 2008, 10:52 pm
#38
Social Grenade Thrower
Joined: Jan 2008
Location: South Coast, NSW
Posts: 3,625
Re: Being Taxed for Renting Out Uk house!
yes, especially if the mortgage is in joint names. make sure the form is the current one, you can download from the HMRC website.
