Two common questions we are asked are ‘What is an EPC? and How long will it be valid for? What is an EPC? An EPC checks the energy performance of a property. It has 7 categories: A-G . “A” represents the most energy efficient property and decreases to “G” representing the least energy efficient property. […]Read More
An important question our Branch Managers are often asked is ‘Do I need an Energy Performance Certificate (EPC) for my property?’ Do you need an Energy Performance Certificate (EPC)? Yes, you need an Energy Performance Certificate (EPC). It is a legal requirement. You need a valid one when you are marketing your property for sales […]Read More
A good question we get asked is ‘How much is the tenants rental deposit and where does it go?, How much is the tenants rental deposit? It is usually 4 to 6 weeks’ rent and payable upon the signing of the Tenancy Agreement. The deposit for an Assured Shorthold Tenancy (AST) should also be registered […]Read More
Greater London Properties answers your question ‘How can I protect myself from property fraud?’ How can I protect myself from property fraud? There are a couple of measures presented by both the Land Registry and Action Fraud to protect your property properly. Register an Anti-Fraud Restriction on your Property title This is the best option […]Read More
We are going to answer the question ‘What is an HMO and do I need it?’ What is an HMO? HMO stands for a house for multiple occupation and it is a residential property occupied by three or more people sharing facilities like a bathroom or kitchen who form two or more ‘households’. A household is either […]Read More
Do I Need To Pay Tax If I Am An Overseas Landlord The time is just right to be a landlord in U.K.! According to our estate agent London, £476,000 was the average house price in London in March of 2018 which is just a 1% decrease from last year’s average so now is the […]Read More
How do Overseas Landlords Apply for Tax Exemptions?
Are you a landlord with one or more properties to rent in London and living abroad for a period exceeding six months? Then, for tax purposes, you are classified as a ‘non-resident’ landlord. This article explains ‘How Do Overseas Landlords Apply for Tax Exemptions”.
The income you receive from renting your home is taxable in the United Kingdom, that is, rent is not exempt from UK Income Tax. You can pick one of two ways to be taxed:
1. Having your tenant or letting agent deduct tax at source
Letting agents and tenants must make an annual return to HM Revenue & Customs (HMRC), declaring respectively how much rent they have paid to or collected for the landlord (you).
Both are required to register with HMRC’s Non-Resident Landlord Scheme within 30 days of starting tenancy.
Agents can file the NRL4i form while tenants can write to the following address:
HM Revenue and Customs
Charities, Savings and International Operations S0708
PO Box 203
2. Getting your rent in full and filing a self-assessment (SA) tax returnRead More
.We answer an important question ‘What is Right to Rent?’ ‘What is Right to Rent?’ Right to Rent places restrictions on illegal immigrants accessing rented accommodations in England. This is done by making all adult occupants prove that they are in the UK legally before they are granted a tenancy. This can be checked by […]Read More