Disclaimer

MoneyWize Accountants Limited has tried to ensure that the information on this website is accurate. However, MoneyWize Accountants Limited will not accept liability for any loss, damage or inconvenience arising as a consequence of any use of or the inability to use any information on this website. MoneyWize Accountants Limited endeavours to provide a service of the highest quality. However, we cannot guarantee that our service will be uninterrupted or error-free. We are not responsible for claims brought by third parties arising from your use of this website.

MoneyWize Accountants Limited assumes no responsibility for the contents of linked websites. The inclusion of any link should not be taken as endorsement of any kind by MoneyWize Accountants Limited, of the linked website or any association with its operators. Further, we have no control over the availability of the linked pages.

Any references to “we” and “us” means MoneyWize Accountants Limited, registered company limited by guarantee number Registered in England and Wales number: 06448994. Our registered address is Milton Keynes Business Centre, Foxhunter Drive, Linford Wood, Milton Keynes, MK14 6GD.

If you have any questions, please phone us, 0330 320 9519 or e-mail us: info@moneywize.co.uk

Copyright

Material on this website, including text and images, is protected by copyright. It may not be copied, reproduced, republished, downloaded, posted, broadcast or transmitted in any way except for your own personal, non-commercial use. Prior written consent of the copyright holder must be obtained for any other use of material. Copyright in all materials and/or works comprising or contained within this website remains with MoneyWize Accountants Limited and other copyright owner(s) as specified. No part of this site may be distributed or copied for any commercial purpose.

Data protection

MoneyWize Accountants Limited complies with the Data Protection Act 1998 (the “Act”). For the purposes of the Act, MoneyWize Accountants Limited is the Data Controller.

MoneyWize Accountants Limited is committed to safeguarding your privacy, while providing a high quality of service. MoneyWize Accountants Limited will treat your personal information as confidential and your details will not be given or sold to anyone. We will use the information collected online to help us understand more about how our site is used by visitors, and to develop and enhance our services to you.

Your personal information

When you provide us with personal information, for example, when using our contact form, we take steps to ensure that your information is treated securely from the time we receive it. MoneyWize Accountants Limited makes every effort to ensure the security and integrity of emails on our systems. Unfortunately, no data transmission over the internet can be guaranteed to be 100% secure. As a result, while we strive to protect your personal information after we’ve received it, MoneyWize Accountants Limited cannot ensure or guarantee the security of information when it is being transmitted.

Your rights

You have the right, under the General Data Protection Regulation, to know what information we hold about you and to ask to see your records. This is a Subject Access Request.
We will supply this information to you within one calendar month of your request.
We will not charge you for this
You are entitled to change your consent, update your details, or unsubscribe from our communications at any point. You can do this by contacting our Customer Service Staff via:
- Telephone 0330 320 9519
- E-mail: info@moneywize.co.uk
- By post: Milton Keynes Business Centre, Foxhunter Drive, Linford Wood, Milton Keynes, MK14 6GD

Cookies

A cookie is a small data file which is downloaded from a website to your computer to make the site easier to use. For example, it may store details that you submit to the site, such as your personal settings or your location, so you don’t have to provide the information again.

Using cookies does not allow us to identify users personally. We will only store information which you specifically give us permission to use.

Our website uses a small amount of cookies for caching certain things and analytics - to let us know how people interact with our website, and how we can improve our services to our users. The information we gather in this way is completely anonymous, and visitors to our website cannot be identified.

We use some social networks, such as Twitter, Facebook and LinkedIn. Any information used via these tools is not shown to us, and we don’t store any information from them. Please refer to each site’s own privacy policies for more information about this.

Storing information during your visit

When you visit https://moneywize.co.uk/, you may submit information which you want the site to remember during your visit. This information is only stored in a cookie during the time that you are on our site. We will only store it elsewhere when you give us permission to do so and this will be done via our secure systems.

Controlling and deleting cookies from your computer

All web browsers allow you to manage which cookies you accept, reject and delete. You will usually find these controls in the “Preferences” or “Tools” menu of your preferred browser. More information about these is available at http://wwwaboutcookies.org.

Complaints

If you have a complaint about the way we have handled your data, or related matter, you can do this by contacting our Customer Service Staff, as detailed in the “Your Rights” section above.

If you are not satisfied with our response to your complaint, you can complain to the Information Commissioner’s Office (ICO):

By e-mail: https://ico.org.uk/global/contact-us/email/
By phone: helpline on 0303 123 1113
By post: ICO, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF

We regularly check this notice to keep it up-to-date. We recommend that you read this page to ensure that you are happy with any changes we might have made.

This privacy policy was updated on 14th October 2022.

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Non–UK Resident Landlord Scheme (NRLS)

The Non-Resident Landlord Scheme (NRLS) is a program implemented by HM Revenue and Customs (HMRC), the tax authority in the United Kingdom. The NRL scheme is designed to regulate and simplify the tax affairs of landlords who live outside the UK and receive rental income from UK properties.

Letting agents or tenants who collect rent on behalf of non-resident landlords have certain responsibilities and they are required to deduct basic rate income tax from the rental income and remit it to HMRC. The tax withheld by the letting agents or tenants serves as an advance payment toward the non-resident landlord's UK tax liability, however, this withholding of tax can be bypassed if the client applies for exemption of deduction from tax via the NRL scheme. Once the application is approved, HMRC write to the agent (or tenant) and instruct them to stop deducting tax from the rental income and, at the same time, they will register the individual for self-assessment if they are not already registered. When not already registered (i.e. not already filing tax returns), this precipitates the requirement to file UK tax returns for the tax year in question and each ongoing tax year.

The filing of tax returns by a non-resident landlord can substantially increase the tax efficiency of the letting due to the fact that letting agents (or tenants) when calculating tax due cannot take UK personal allowance into account, which many non-resident landlords are entitled to. Also, any expenses paid 'externally', such as mortgage interest, or ground rents cannot be taken into account by the agent (or tenant) when calculating the profit and associated tax. Accordingly, the majority of tax returns filed concerning a tax year where there has been deduction by an agent (or tenant) result in a reclaim, or offset, of tax. Then, ongoing, the landlord will only pay tax if they make a profit (gross income less expenses) over and above UK personal allowance (where it is applicable).

Here's how our service works:

By undertaking, on your behalf, registration to the NRL scheme: For non-resident landlords who wish to register with HMRC and be exempted from having tax deducted at source. This involves providing details, such as name, home and letting address, letting agent name and address and tax identification number (when already registered for self-assessment) .

Tax Withholding: Letting agents or tenants are responsible for deducting basic rate income tax from the rental payments they make to non-resident landlords and paying it over to HMRC. Our responsibility is to make sure that all of the withheld tax is reported on the tax return, to the benefit of the landlord.

NRL Tax Return: Registered non-resident landlords must file a UK tax return with HMRC each year. We will prepare your UK tax return, report all your rental income, claim any allowable expenses or deductions, and reconcile your tax liability. We will also report your tax-year residence circumstances, as required by HMRC.

Exemptions and Deductions: Non-resident landlords may be eligible for certain exemptions or deductions under UK tax rules. For example, they can claim deductions for allowable expenses related to the rental property. We will make sure that all relevant exemptions and deductions are applied accurately.

Double Taxation Relief: If a non-resident landlord resides in a country that has a double taxation agreement with the UK, they may be able to claim relief to avoid being taxed on the same income in both countries. While the UK always has the primary right to tax rental income emanating from property located in the UK, the relief can potentially apply to other UK income, such as pension income, which when added on to the rental income 'pushes' it further into a tax liability. A claim under the applicable double taxation treaty can remove this 'pushing' effect.

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