This article serves as a guide for UK based property management using Re-Leased to manage Non-Resident Landlord (NRL) tax reporting. Comprehending these reports is crucial for fulfilling your tax obligations to Her Majesty's Revenue and Customs (HMRC). We'll detail each report’s purpose and how you can leverage them to maintain accurate and compliant tax records.
If you’re managing properties in the UK and dealing with landlords residing abroad, the HMRC requires specific tax handling and reporting. Re-Leased provides a suite of reports to make Non-Resident Landlord Tax reporting a breeze:
- Annual Tax Report
- Annual Tax Report - Exemption Approved
- Non-Resident Tax Journal Report
- Quarterly Tax Report
Annual Tax Reports
The Annual Tax Report and the Annual Tax Report - Exemption Approved are crucial for completing your NRLY (Non-Resident Landlord Year) form for HMRC. They provide you with a detailed breakdown of taxable income and exemptions applied throughout the fiscal year.
Non-Resident Tax Journal Report
The Non-Resident Tax Journal Report offers a comprehensive record of all tax retained, paid and any adjustments made for each landlord. This report is instrumental in verifying the accuracy of tax retention against individual landlord accounts.
Quarterly Tax Report
The Quarterly Tax Report is designed to support your quarterly NRL tax submissions to HMRC. It provides a summary of tax for each quarter, aligning with the payment schedule required by the tax authorities.
Scheduled Reports
The Annual Tax Report, Annual Tax Report - Exemption Approved, and Quarterly Tax Report can all be set to automatically generate in alignment with your quarterly disbursements to HMRC. This helps ensure that reports are ready precisely when they need to be. However, you can also manually run these reports at any time for your records or audits.