Tax...
Income Tax - UK Residents & Non Resident Landlords
As a landlord you are legally obliged to declare any rental income earned to the tax authorities whether you are resident or non-resident in the UK.
Deductible Expenses
Some expenses can be tax deductible e.g.
- Insurance, ground rent, repairs and maintenance
- 'Wear and Tear allowance for the furnished properties
- Legal and accountancy charges
- Loan interest
- Unused `personal allowances' (applied IR)
Non - Resident Landlords (Landlords whose usual place of abode is outside the UK)
The legislation regulating Non-Resident Landlords and their agents can differ significantly from landlords residing in the UK.
B-Spoke Lettings as the rent receiving agent, has a statutory obligation to deduct basic rate tax on the net income and make payments to the Inland Revenue quarterly. However, you can apply to the Inland Revenue to 'self assess' your own tax. On receipt of approval from the Inland Revenue, we will pay the rent without deducted tax at source.