Accounting Services

We use our accounting firm - Exceed UK who provide the template and review their efforts before getting the individual to email the NRL1 and 64-8 forms and then couriering the originals to them.
They then email back to the client that they have sent the original applications to HMRC. When HMRC reply they will email back the client the approval letter Exceed load them onto their client lists and the service offering being an annual NRLS tax return - They then send a follow-up email requesting the information on the property to complete the tax return by 31/01/xx. When Exceed gets this they do the tax return and email the client getting confirmation before filing online or in some limited cases posting the return to HMRC. The investor then gets billed.
Additional assistance which would help them is getting all the property information from the letting agent. (Gross - Rentals less costs/commissions and net paid to client). They only need the summary / property for the tax year and hopefully, the agents usually have it all available to send to the client anyway.

For Companies, Exceed provides similar standard information - SME "Doing business in the UK", "Fee structure" and a link to their website to complete the company registration plus KYC information they require. This is new and can be uploaded directly. They register the company, load it into our systems and annually follow up with an email after the year end, requesting the information / property and complete the AFS/CT
They also include investors in the month Exceed newsletter for information purposes.

Currently there are two options available to you to hold property in the UK, both are correct and your choice will depend on your own personal circumstances. If you have property(s) that you do not have large mortgages owed then register as an individual as the tax rules on NRLS mortgage interest and wear and tear allowances are changing where these will no longer be so favourable (Please see below an article we recently published on Buy to Let tax changes for the UK.) The alternative to holding properties in your own name is holding the properties in a limited company If you leave things as is, the estate agents are obliged to deduct 22% off your rental income and pay this over to the UK HMRC. To avoid this you will need to register as a non-resident land lord and in return you need to complete a UK self-assessment tax return where you are taxed on the profits at 20%. With the personal allowance currently at £10,000 there is usually is no tax to pay on this side.
Exceed can assist you in registering as a non-resident landlord in order for the tax being deducted by the estate agent not to be withheld and you only paying tax on the profits less your personal allowance. We usually charge you £150 for the registration with our HMRC.
Please find attached the link to HM Revenue and Customs website you need to follow to apply for your properties to be granted NRLS status here in the UK: (We have attached the first page of the website for your information for individuals, companies and trusts) At the bottom of the page click next to go to the subsequent pages to complete until the end. Please complete the application online save it as you go along and then print it for your signature. Prior to the sign off, please email us a scanned copy of the completed form for us to check if it has been completed correctly. Exceed will let you know and then you can then post the original signed forms to our office. We will send it to HMRC on your behalf. If there are joint ownership of the property, it has to be completed and signed for each individual.
As a non-resident landlord you should complete a United Kingdom (UK) Self-assessment Personal Tax Return on an annual basis. You are non-resident in UK for income tax purposes, but where UK property is let, the rental income is treated as being from a property business. You will therefore be taxed on all the rental profits. Our fee for the completion of a Self-Assessment Tax Return is £200/250 (ex Vat). Exceed would also need you to sign off the attached form 64-8 authorising Exceed to act as your agents here in the UK. Please also complete these forms and return them to us with the original NRL1 form.

Limited Companies
Limited Company alternative to holding properties in your name. A limited company is created here in the UK and the properties are owned by the company. There are more set up (£250) and annual compliance costs. The company will need a bank account and have to complete annual financials and pays 20% corporation tax on its profits.

Accounting Fees for Propwealth Investors
We have negotiated discounted accounting fees owing to our many investors using the services of Exceed. Please download the link to see the prices for various services