Renting Uk property on 457 visa
If I own a Uk property in UK, and have been overseas for 3 years in Dubai...and I rent it for below the taxable rate in UK and am an overseas landlord, what are the tax implications for me?
DO I declare it, where? Do I pay tax? the rent is about the same as the mortgage but with bills, agents fees repairs and insurance it prob makes 140 a month £UK... Any advice? |
Re: Renting Uk property on 457 visa
Originally Posted by plantpot
(Post 6658717)
If I own a Uk property in UK, and have been overseas for 3 years in Dubai...and I rent it for below the taxable rate in UK and am an overseas landlord, what are the tax implications for me?
DO I declare it, where? Do I pay tax? the rent is about the same as the mortgage but with bills, agents fees repairs and insurance it prob makes 140 a month £UK... Any advice? you need to get in touch with tax office to say your renting out but because your not making a profit you wont have to pay out any tax on your property unless your house doesnt have amorgage then the tax office will tax you,this is on a yearly basis i think as i am doing this. |
Re: Renting Uk property on 457 visa
With respect there is a bit more to it than this.
For a start, he clearly does make a profit, all be it a small amount. However, profit for tax purposes is not what you or I would consider profit. Only some things are tax deductible e.g. not all of the mortgage payment. Only the interest element. I suggest that you get some professional advice about this. |
Re: Renting Uk property on 457 visa
Originally Posted by tinamay
(Post 6659965)
hi there
you need to get in touch with tax office to say your renting out but because your not making a profit you wont have to pay out any tax on your property unless your house doesnt have amorgage then the tax office will tax you,this is on a yearly basis i think as i am doing this. |
Re: Renting Uk property on 457 visa
Originally Posted by RenShen
(Post 6660300)
With respect there is a bit more to it than this.
For a start, he clearly does make a profit, all be it a small amount. However, profit for tax purposes is not what you or I would consider profit. Only some things are tax deductible e.g. not all of the mortgage payment. Only the interest element. I suggest that you get some professional advice about this. So it's considered profit when it equates to less than the mortgage? The mortgage is around 50,000UK£ so the interest isn't vast...I just wanted some guidance from people who might already be doing this on their UK property whilst on a 457 temp visa, I am wondering if this makes a difference as opposed to PR, I am sure the Migration Agents can point us in the right direction, will of course get professional advice but all things considered we want to know if we will be worse off by moving to Sydney by just a tad or a massive amount because that affects our decision. PP thanks for replies |
Re: Renting Uk property on 457 visa
Originally Posted by plantpot
(Post 6661039)
Hi I am a woman:p RenShen
So it's considered profit when it equates to less than the mortgage? The mortgage is around 50,000UK£ so the interest isn't vast...I just wanted some guidance from people who might already be doing this on their UK property whilst on a 457 temp visa, I am wondering if this makes a difference as opposed to PR, I am sure the Migration Agents can point us in the right direction, will of course get professional advice but all things considered we want to know if we will be worse off by moving to Sydney by just a tad or a massive amount because that affects our decision. PP thanks for replies http://www.hmrc.gov.uk/cnr/nr_landlords.htm |
Re: Renting Uk property on 457 visa
Originally Posted by billymacker
(Post 6661169)
I am wondering if specifically 'if' I declare to ATO or continue as an overseas landlord because I will have a 457 visa which has a non resident status rather than PR, again will get pro advice on it.... Wondering if the situation differs from UAE (non tax location) to AUS (taxable yet non resident)... So anyone on a 457 renting their uk property at a low rent below the taxable amount? What did you do? Presumably I wouldn't pay tax twice? PP |
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