12:43 PM, 3rd November 2014, About 8 years ago 5
I wonder if anyone can help by providing some advice regarding foreign rental property?
My wife and I currently own 2 rented properties in Australia that have a mortgage against them. We have had them for 7 years and submitting annual taxation returns to the Australian Taxation Office. We are substantially in tax credit and have all of our records since purchasing the property.
We also have property in the UK that is rented out and annual tax returns submitted via our UK Accountant. When enquiring with him he mentioned that he wasn’t interested in the property abroad and therefore only required the information regarding the property in the UK, as we are already submitting tax returns in Australia. After doing my own research I am wondering whether this is correct, because even though we have no tax to pay due to being in substantial tax credit the HMRC may still be required to be informed. If this is correct could I just inform my accountant to add all of the information on my next tax return so everything is correct? Or is my accountant correct because we are providing tax returns in Australia.
My concern is if my accountant is providing incorrect information and everything is not correct, when I require to bring the funds back to the UK it might trigger HMRC due to the high amount of funds being transferred.