For a Landlord living outside the U.K., tax legislation places the responsibility for meeting any tax liability upon the managing agents.
For this reason we strongly advise the NRL 1 Tax Exemption Certificate is applied for prior to a tenancy commencing. If this is not received we must retain tax on income and account for this quarterly to the Inland Revenue (currently equivalent to 22% of the gross rent).
It is the responsibility of the Landlord to advise us immediately if their status changes from UK resident to overseas resident.
For non-resident landlords without Inland Revenue Tax Approval a standard fee of £20.00 per month will be charged. An administration expenses may be charged by the Agent for further work requested by the Landlord, the Landlord's accountant or the Inland Revenue in connection with such tax liabilities.
In many cases, landlord's tax liability is minimal when all allowable costs are deducted.
For further information regarding Income Tax for overseas landlords please contact: FICO (Non-Residents, St Johns House Merton Road Bootle Merseyside L69 9BB 0151 472 6209.