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Non-Resident Landlord Specialist Letting Agents in St Albans

We've worked with Let Me Properties for several years and could not recommend them enough. Greg is so personable, honest and always goes the extra mile to deal with anything that comes up. We've dealt with many estate agents in the past and there is just no comparison- they are a rare find. Thanks Greg and team!Julie Leong

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:

https://www.gov.uk/government/publications/non-resident-landlord-application-to-receive-uk-rental-income-without-deduction-of-uk-tax-individuals-nrl1i

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.

Read more on HMRC website

 

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:

 

  • pension
  • rental income
  • savings interest
  • wages

If you’re eligible for a Personal Allowance you pay Income Tax on your income above that amount. Otherwise, you pay tax on all your income.

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 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.

Send form R43 to HMRC, or claim the refund in your Self Assessment tax return if you’re already doing one.

Find Out More on HMRC Website

Unable to sell a property in the current market and with minimal knowledge of the letting world we turned to Gregory and his team at Let Me Properties to be our guides through the process. Our initial meeting with Gregory was not only productive in terms of identifying a way forward but he gave us confidence that in his hands the venture would be a success. Following discussions regarding the optimum layout it soon became apparent that significant investment would be required to bring the property up to a standard necessary for rental and we had no hesitation in allowing Gregory to project manage this on our behalf. The structural modifications carried out made best use of the space available and the suggestions regarding fixtures and fittings made perfect sense and obviously complied with all legal obligations. I am confident that the cost of this management service was repaid many times over in the savings made by using a tried and trusted team of contractors. With any project of this nature there will undoubtedly be unforeseen incidents along the way but they were all dealt with in a prompt and professional manner that removed all burden from ourselves. Once work was complete there was no delay in marketing the property and within days there were a number of offers to rent. The information provided to establish a preferred candidate was thorough allowing an informed choice to be made which appears to have been to everybody's benefit. A few months down the line and communication from Let Me has remained of a high standard and minor teething issues with the property have been dealt with promptly and with little fuss. We would definitely recommend both the letting and project management services offered by Let Me Properties.Jon Young

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