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Taxation
All income derived from your rental property, irrespective of where you live, is subject to taxation and you will need to disclose this on your annual Self-Assessment Tax Return. If one is not issued automatically you have a legal responsibility to notify the Inland Revenue of any liability.
Certain deductions, of course, can be made against the income before tax is calculated and we recommend that you contact your tax office/advisor or the Inland Revenue for advise.
Examples of deductible expenses can include:
- Ground Rent
- Repairs
- Letting Agent Fees
- Insurance
If you are an Overseas Landlord (not resident in the UK) we would be required to deduct tax before passing on the balance of rent to you. We can recommend that you apply to the Inland Revenue to have your rent paid with no tax deducted, prior to the first rent being collected by us, by completing a NRL1 Form which can be found on the IR Website: www.inlandrevenue.gov.uk . We can also send you one via email or post, if this is more convenient.
Dukes Property Management is required to provide an annual return of information to the Inland Revenue for all overseas Landlords.
Our office is open six days a week, call 01392 860 900 for a FREE market appraisal.
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