Keeping records

Keeping up to date records

Please be aware that non-residents of the UK, who do not qualify for the UK income tax personal allowance, will not able to have full access the UK government's HMRC online portal to successfully file their tax returns. For non-residents when we act as your agent, we can access the required specialist software and file your return on your behalf. 

It's always useful to keep accurate records. Importantly they will tell you which of your investments are most profitable and identify any that aren't. Additionally, they will provide us with the information we need to prepare your accounts and deal with your tax. 

To comply with HMRC requirements, we recommend that clients keep records of all information used to complete tax returns  for 2 years after the end of the tax year. If you have income from letting out your property we recommend keeping your records for 6 years. There could be hefty penalties for each tax year for which records have not been kept.

If you have engaged an agent to let your property, their statements will provide much of the relevant expenditure details that we require. We will also ask you for details of loan interest and any other expenditure that may not appear on these statements. Clients that do not use a agent, or have a larger portfolio, will need to maintain a full history of income and expenditure incurred and keep all receipts. 

Some clients can find record keeping a challenge, we are happy to help where we can, please contact us with any questions you may have. Should you wish to keep your own records, we would be very happy to provide you with advice and resources when you become our client. 

Other items by prior agreement, please contact us for further details
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