Tax Payments

If you let out a property in the UK (including your home), tax is payable on the rental income you receive and you are deemed to be a Landlord.

Tax for UK Resident and Non-Resident Landlords

If you let out a property in the UK (including your home), tax is payable on the rental income you receive and you are deemed to be a Landlord. Landlords will need to declare this income on their Self Assessment Tax Return. If you don’t already complete a Tax Return you are legally required to notify HM Revenue and Customs (HMRC) of any liability you may have. Remember – if the property you are letting is jointly owned you should only be taxable on a proportion of the income you receive but both parties will need to complete a Tax Return.

HMRC legislation states that you will need to keep records of your income and expenses relating to the rental property for at least six years to support your Tax Returns.

Concept Lettings will provide you with copies of any maintenance or work invoices undertaken on your behalf.Tax for Non – Resident Landlords

HMRC legislation requires UK letting agents to deduct income tax at the current basic rate from any Non Resident Landlords net rental income i.e. after any deductions for maintenance invoices etc. The withheld tax is then passed to HMRC. You can, however, apply to HMRC to receive your rental income free of any tax deductions by completing an approval form.

If it is necessary for you to apply to HMRC for approval, you can download the form directly from the HMRC website using the link below:

Notes are available to assist you completing this form on the link below:

Once authorisation has been received from HMRC then we can pay rental income without deduction of tax at source.

If tax has been deducted from your rental income you will receive a certificate by 5th July following the end of the relevant tax year which details the total tax deducted from you during the year.

Further information

Further information on the taxation of rental income for both UK and Non Resident Landlords is available by following the following links:

The content of this page is for general guidance only. It is based on current legislation at the time of publication, which may have been subject to change. Specific professional advice should be sought based on your personal circumstances. Concept Lettings accepts no responsibility for any actions taken or refrained from on the basis of this information

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