What do I need to do regarding taxes in Tenerife with my property back in UK?

[Topacciolo]

Hi everyone, we moved to Tenerife November 2012 and because everything seems to go smoothly here me and my partner have decided to rent out our house back in UK.
I already contacted the bank and the insurance company to get those things sorted but in relation to TAXES what do i need to do?
I check the HMRC website and the more i read the more i get confused. After a day reading things i still have no clue on how to declare my future rent and how much will it cost me on taxes. From what i understood i will have to pay tax not on the rent but on the profit so i will have to deduct some costs (like interest of the mortgage, house insurances.....) but i don´t understand when do i pay it, how much will it be and if it´s something i can do from here or if i have to go back every year to pay and so on...
Can i do it mayself or do i have to get an accountant for this? Also if you know any accountant that does it for you at a reasonable price feel free to pass me the details.
I´m sure there are more people that live here and rent back home so pls give me some guidance!!
I will be in UK for 10days end of February and i was hoping in 10 days to be able to put everything straight and come back here without any problem unsolved.
Thanks in advance for your help!!
T

[princessmonika]

i would say ,to get an accountant to sort out your taxes it is ,i think a good idea ,i do that in ireland so UK i would say is the same more or less

[delderek]

You fill in a self assessment form online, it is not difficult, you enter all the figures that are asked for. It will then automatically tell you how much you owe, or how much they owe you. An accountant will charge you a few hundred quid to do the same thing.

[BobMac]

If you rent it out through an established specialist Letting agent, they should take care of it all for you.

My son runs an agency and he has several overseas landlords and their tax is handled by the Management System he uses.

[lynnangela]

Yes I agree that an agency is the way to go, they should be able to deal with it all for you, but they wont submit your tax return though, so you will have to do that yourself or get an accountant.

[Topacciolo]

Thanks everyone!!

IF the House is on my name and my girlfriend name, do we both need to declare that we are renting and do we both need to do a self assessment declaring 50% of the profit or only one is needed?
I´m sorry if some questions sound silly but i lived for 13 years in UK but always as an employee so i never had to deal with taxes directly.

Thanks again

[kathml]

If in two names two returns required

[seanocelt]

my understanding was the tenant or agent with-holds 20% rent then you claim it back on tax return, you do not get rent gross so im confused too!AND should tax not be paid on profit in the country you reside and pay tax in IE here?!

[Topacciolo]

I called tax office today and I think seanocelt you are right. The told me to filled up a form for landlord that live abroad for non UK tax. So maybe I will have to pay taxes in Spain, not UK.... I will keep updating this when I get new info. I will be going to London end of February to sort everything out so I hope I have a better idea on what do to before then...