Spanish National Buying a House in UK – Full Disclosure of Rental Income while Practicing in Health Service
Spanish National Buying a House in UK – Full Disclosure of Rental Income while Practicing in Health Service
SNB
The client was a Spanish national and tax resident who bought a house in the UK while practicing in health service. After relocating back to Spain, he rented out his only family home in UK to tenants while also renting a house in Spain.
Being of the opinion that since this was his only home anywhere in the world, he did not need to report any rental income – as he had been renting a place for himself and his family in Spain, he failed to make any disclosures and also wished to sell his UK property.
However, after being approached by him in 2017 when he was considering selling off his UK property as the property prices took a hit – following EU/Brexit Referendum in UK where UK decided to leave EU, the client was advised to report his rental income for all previous years as well.
Acting on Lanop’s advice, the client eventually decided not to sell and made a full disclosure under Let Property Campaign for the last 9 years. At present, the client and his wife are registered as non-resident landlords and declare their rental income from this property in their UK tax returns.
Expressing his gratitude for the services, the client appreciated Lanop in the following words: “They did not deal with us like normal accountants, i.e. no jargons – simple plain English with references to different news articles and government websites which highlighted the fact that we needed to declare all rental income. They liaised with HMRC and third parties such as our estate agents (we had 3 different estate agents over 9 years) and even our bank (the bank information clearance protocols were long but Lanop made it all so easy for us) to get all the information on our behalf. We were truly blessed to have Lanop Accountants on our side. We are very happy – Contento”.
The arrangement left both our Spanish clients as well as HMRC quite satisfied.
Client: SNB
Country: United Kingdom
Sector: Financial Advice
Services Provided:
> Virtual Finance Director
> Annual Accounts
> Management Accounts
> Statutory Compliance
> VAT Advice
> Business & Financial Advice
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