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Old 27.03.2017, 23:31
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UK property rent/expenses and CH/UK Tax Return

Hello EF'ers,

I inherited a property in the UK and last year I managed to renovate it and get in a tenant. So I have some 2016 rent (~6kGBP) and some 2016 renovation costs (~20kGBP).

I've managed to work out that I put the value of the property on the CH tax return and it's used to work out my overall Swiss tax rate, but they don't actually tax me on the rental profit in CH, they leave that for me to sort out on my UK tax return.

On my UK tax return, I will put down the rent received, but do I book my renovation costs on there also, or do they go somewhere on the Swiss tax return?

I'm live Aargau, if that helps...

Any thoughts appreciated!
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Old 30.03.2017, 23:05
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Re: UK property rent/expenses and CH/UK Tax Return

Maybe I'm the only one...

Anyway, I spoke with an accountant, he said I needed to declare the rent received (or an approximation of what I could expect to receive) and the costs for renovation on the Swiss tax return. I'll do that and see what happens.
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Old 30.03.2017, 23:57
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Re: UK property rent/expenses and CH/UK Tax Return

You read the UK rules and do that.
You read the Swiss rules and do that also.
Yes you have to declare in both countries.
Generally for the Swiss return the value of the property is estimated from the rental income amount.
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Old 31.03.2017, 02:03
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Re: UK property rent/expenses and CH/UK Tax Return

I was hoping not to have to read all the rules...and I didn't, just the ones I needed. Google Translate via camera on a fast phone helps no end!

I found info online somewhere that the rental value of the overseas property is generally 70% of the actual value, which sort of lines up with my Swiss property rental value from the Gemeinde.

I have a real valuation for the property in the UK, as I had to get that for probate admin reasons, I have real receipts for rent & renovations and now know what renovations I can claim for.

Time to submit it all, wish me luck :-)
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Old 31.03.2017, 09:33
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Re: UK property rent/expenses and CH/UK Tax Return

We tried to get excemption from UK Tax for property income, all confirmed by the Swiss authorities. Unfortunately this isn't possible.
You should be able to deduct the costs - for the amount you want to have in costs, they will probably come back to you and ask for receipts.
We do our UK Tax return online, which is easy, and most Things aren't applicable. Never had a Problem there, and done it now for years.
Good luck!
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