Information - Tax
of where you live Income Tax is payable on all rental income.
landlord must declare rental income on a Self Assessment Tax
Return. If you are not automatically issued with a Self Assessment
Tax Return Form it is your legal responsibility to notify
the Inland Revenue.
must under self assessment regulations keep records to ensure
that the figures calculated on the returns are accurate.
Deductible expenses that could be used to reduce profit derived
from property income are:-
Letting Agent Fees
Repairs and Maintenance
Legal and Accountancy Charges
Non - Resident Landlords
regulating non - resident landlords and their letting agent
greatly differs from resident landlords.
rent receiving letting agent has a statutory obligation to
deduct basic rate tax on income, and make payments to the
Inland Revenue quarterly.
can as a landlord apply to the Inland Revenue to self assess
your own tax.
These application forms can be obtained from the Inland Revenue
or Mapleleaf Letting Centre.
you have received approval from the Inland Revenue, Mapleleaf
Letting Centre will be authorised to pay you the rent without
deducting the tax at source.