Overseas mortgage specialist Conti is offering a book-keeping service to owners with fly to let properties.

UK tax residents have to declare their income both with the authorities of whatever country their property is in, and within their tax return, to HMRC.

This means language barriers and changes to overseas regulations are among the key headaches.

So Conti has teamed up with accountant Property Tax International (PTI) to help ease the burden on fly to let owners.

“Every country has its own tax legislation, tax assessment rules and tax forms, with constantly changing tax rates and calculation methods,” explained Colm Murphy, PTI director of marketing and business development.

Clare Nessling, Conti’s operations director, added: “PTI can take away the stress of making sure that their overseas tax returns are filed correctly and on time.
“Even if clients are unsure about their tax position, our offer of a free tax review will provide the answers, and the assistance required to file any subsequent tax return.” Clients who take up the offer will receive a five percent discount on their personal income tax return.

• Mallorca has just been announced as the start and finish of the Global Ocean Race 2011/12, providing a great opportunity for savvy overseas property investors.

With over 20 entries from at least 11 nations, international visitors will be clamoring to stay in desirable locations close to the Spanish Island’s coastline.
Already around 23 million passengers pass through Palma de Mallorca Airport with an additional one and a half arriving by sea.

This strong tourism market has therefore helped Mallorca’s property prices remain stable while mainland Spain has suffered.

A statement from Taylor Wimpey, which has more than 50 years of property development experience in the area, said: “Mallorca's property market has not been affected by the recession like some regions in mainland Spain, mainly due to the lack of stock available compared to the demand for homes on the Island.

“Spain as a whole is a very fragmented market and good locations and quality property will always sell well whatever the market conditions. International events just add to their appeal.”

“Like with any international event, the tourism sector looks set to receive a boost during the opening and closing ceremonies.

“The local area is already noted for being fashionable, desirable and fantastic for boat owners and beach lovers alike,” the statement added. News of the Great Ocean Race will only increase demand for this attractive location.”

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