We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Income tax on rental income from abroad
Bougainvillea
Posts: 647 Forumite
Can anyone suggest an accountant either in France or UK who could help work out the income tax to pay both in the UK and France, on rental income from a holiday flat in France? I know roughly how the taxation should work but I feel I need an accountant because its complicated. Some specialist firms seem to charge a fortune for their advice.
Would be grateful for any suggestions
Would be grateful for any suggestions
0
Comments
-
Can't speak for France only Spain. We had a tax advisor in both countries - though paying tax on property rental is fairly standard stuff for accountants, both here and abroad, so they don't need specialist expertise.
I would try to get a recommendation from people who own similar properties in the same location as you, or if you use an agent to let or service the apartment they may know someone.
In Spain [at least the Canaries] tax is paid on the gross letting income before any deductions for expenses, in the UK you can deduct your expenses before arriving at a profit [or loss] which is taxable. The tax you've paid in France on letting income is deductable from any tax you owe in the UK on the letting profit. If you make a loss on an overseas furnished holiday let [unlike a UK one] you can carry the loss forward to offset against future profits but can't offset against other taxable income.
HTH and BoL.0 -
? for Ian W & any others who may know - how would the IR in the UK know you owned a property abroad from which you had income?A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
? for Ian W & any others who may know - how would the IR in the UK know you owned a property abroad from which you had income?
Today 11:03 AM
If they suspect, (and they have many many sources), they can send you a letter asking if there is anything which you may have forgotten to declare on your tax return. If you then say that there isn't, they can then do you for fraud.
It happened to my father who had genuinely forgotten to put the sale of a second property on his tax return. He then sent in a CGT computation showing that there was no tax payable, and the Inspector was happy.I can spell - but I can't type0 -
Thank you for your advice0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards