GaryP

Looking for an Accountant

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    Hi,

     

    I am looking for a recommendation of a good (fairly priced!) accountant. I ideally need someone who has experience in assisting IT Contractors and small businesses.

     

    Primariliy I am looking on some advice for setting up my own business and registering for GST as opposed to contracting under a recruitment agency as I am sure they would take more than their fair share.

     

    I would also like some advice on property and money left in the UK and how to deal with the tax issues.

     

    I am based in Marion so would be really good if they were local but not essential. I am not keen to just approach someone unknown and would much prefer to speak to one on recommendation from someone on here.

     

    Thanks in advance!

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    Doug has plenty of small business clients on his books.

     

    Can you be more specific about the advice you require on the property and money left in the UK?? Also what visa type you are on??

     

     

    Regards

     

     

    Andy

     

    Hi Andy,

     

    I have 3 properties in the UK all rented out, we are on a PR (s/class 176). I have not informed the UK tax office we have left and have not yet completed my 2009/2010 tax return although I am expecting to do this. Mainly want to know what I have to do in relation to informing the UK and/or Austalian tax people and if there are any benefits to be had along the way, and should I be paying any future tax in Australia or in the UK on the UK property?

     

    Cheers

     

    Gary

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    Guest Nick11
    Hi Andy,

     

    I have 3 properties in the UK all rented out, we are on a PR (s/class 176). I have not informed the UK tax office we have left and have not yet completed my 2009/2010 tax return although I am expecting to do this. Mainly want to know what I have to do in relation to informing the UK and/or Austalian tax people and if there are any benefits to be had along the way, and should I be paying any future tax in Australia or in the UK on the UK property?

     

    Cheers

     

    Gary

     

    Doug is a pom himself..so may know a fair bit about it. My advice would be to ring him..if he can't help ..he'll tell you and point you in the right direction.

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    Guest motlyman

    Go Dougie Go Dougie Go Dougie:biglaugh:

    Yeah we use him too.

    Recommended :notworthy:

     

    Colin

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    Hi Andy,

     

    I have 3 properties in the UK all rented out, we are on a PR (s/class 176). I have not informed the UK tax office we have left and have not yet completed my 2009/2010 tax return although I am expecting to do this. Mainly want to know what I have to do in relation to informing the UK and/or Austalian tax people and if there are any benefits to be had along the way, and should I be paying any future tax in Australia or in the UK on the UK property?

     

    Cheers

     

    Gary

     

     

    Hi Gary

    Someone who is PR should declare their worldwide income in Australia, however if someone has UK income generally they should also declare this in the UK via a UK tax return.

     

    British Citizens are still entitled to their personal allowance therefore if the taxable income is under the personal allowance then no tax will be paid to the UK. If it is over the personal allowance then tax will be paid at the relevant rates.

     

    If someone has paid tax on UK income that is also being declared in Oz then generally a tax credit will be applied to reduce the tax payable here since there is a dual tax agreement in place.

     

    With regards to investment properties in the UK then pretty much the same allowable deductions apply here ie mortgage interest costs, management expenses, maintenance etc. UK property can also be negatively geared here although with property prices and interest rates as they are in the UK I doubt many people are making a loss.

     

    You can complete form NRl1 http://www.hmrc.gov.uk/cnr/nrl1.pdf to have rent received gross, this doesn’t mean that a person is exempt from paying tax, it is still declared in the tax return however if a person’s taxable income is less than the personal allowance it allows them not to have it deducted along the way and then having to claim it back.

     

    You should also look at getting a valuation done on each property preferably as close to arriving as possible for future potential capital gains tax reasons in Australia.

     

    Anyway Doug will certainly be able to assist with the Aussie side of things for you he does a good job of ours!! just take along your completed UK tax returns, mortgage statements, rental income details etc etc as well.

     

    Regards

     

     

    Andy

     

     

    (The above comments are general infomration only and do not constitute advice)

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