HMRC (the UK Tax Authorities) require that any landlord who lives outside the UK for 6 months or more each year, register with the Non-Resident Landlord Scheme, and at Let Me Properties letting agents in St Albans, we are specialist letting agents for for overseas landlords.
We are registered Non-Resident Landlord Scheme Letting Agents and can provide specialist help and advice to landlords who live (or will be living) outside the UK, unlike many other letting agents in St Albans.
Non-Resident Landlord Specialists:
Let Me Properties specialise in fully managing properties for overseas landlords. Landlords who live outside of the UK for 6 months or more each year are considered “Non-Resident Landlords”
We make it extremely simple for landlords to rent their properties in St Albans from overseas with as little involvement by them as possible. We have never met many of our landlords, and some of them have never even seen their properties before. If you are an overseas landlord and you want a completely hassle free solution for renting your property in St Albans, then Let Me Properties are the letting agents for you!
Receiving Rent Without Tax Deducted:
Landlords are advised to receive “Approval” from HMRC to receive their rent without any tax deducted from it. This is a simple process and you can read more about how to do this here:
Once Landlords have “Approval” we as Specialist Agents for Non-Resident Landlords can collect their rent and pay it to them without tax deducted from it.
Live Outside The UK for 6+ Months Per Year?
Landlord who live outside the UK for 6 months or move each year are required to register with HMRC and are required to use a Letting Agents who is registered with the Non-Resident Landlord Scheme.
Let Me Properties are Specialist Agents for Non-Resident Landlords
Landlord who are resident outside the UK for 6 months or move each year are required to register with HMRC (Revenue and Customs)and are required to use a Letting Agents who is registered with the Non-Resident Landlord Scheme.
Trusting Let Me Properties to Manage Your Property
When landlord as overseas it is even more important to choose a letting agency that they can trust. We have vast experience dealing with overseas landlords and looking after their properties as though they were our own.
The below is courtesy of HMRC (https://www.gov.uk/tax-uk-income-live-abroad/overview)
You usually have to pay tax on your UK income even if you’re not a UK resident. Income includes things like:
- rental income
- savings interest
The country where you live might tax you on your UK income. If it has a ‘double-taxation agreement’ with the UK, you can claim tax relief in the UK to avoid being taxed twice.
You don’t normally pay tax when you sell an asset, apart from on UK residential property.
When tax isn’t due or is already deducted
Non-residents don’t usually pay UK tax on:
- the State Pension
- interest from UK government securities (‘gilts’)
If you live abroad and are employed in the UK, your tax is calculated automatically on the days you work in the UK.
Tax on your savings interest is deducted by your bank or building society unless you give them form R105.
When to report your income to HMRC
You usually have to send a Self Assessment tax return if:
- you rent out property in the UK
- you work for yourself in the UK
- you have a pension outside the UK and you were UK resident in one of the 5 previous tax years
- you have other untaxed income
You don’t need to report your income to HMRC if you’ve already claimed tax relief under a ‘double-taxation agreement’.
Sending a Self Assessment tax return
You can’t use HMRC’s online services to tell them about your income if you’re non-resident. Instead, you need to:
Fill in the ‘residence’ section (form SA109 if you’re sending it by post) to tell HMRC you’re non-resident. Fill in any sections relating to your type of income.
You’ll be fined if you miss the deadline – it’s earlier if you’re sending your return by post (31 October).
If you’ve overpaid
Apply for a refund if you think you’ve paid too much tax. This might happen if tax is deducted automatically (eg by your bank) but your total UK income is below your Personal Allowance.