Insurance and Tax
Insurance
As a Landlord you need to advise your buildings insurer that the property is to be occupied by tenants. The tenant will be responsible for insuring their own belongings but you should maintain cover for any contents you are leaving at the property.
If you would like more information on insurance products and services that are designed specifically for Landlords, please call us and we can send you a brochure. Alternatively, call:
- Endsleigh (00 028 3571) quoting ref: 02826
- Letsure (08700 770 880) quoting ref: 13610
- Homelet (0845 117 6000) quoting ref: 1502534
Mortages
We recommend that you tell your mortgage company you intend to rent out your property. Most Banks and Building Societies require you to seek their permission.
Income Tax
The Inland Revenue state that income from property is subject to taxation at standard rates, and your expenses in letting the property are generally tax-deductible (these often can include mortgage interest payments, but will exclude capital expenditure, such as furniture/appliances etc.). You will need to tell the Tax Authorities that you are renting out your property. We can offer general guidance, however, we strongly advise you instruct an accountant if you are uncertain in any way.
Non-Residents
If you will be living overseas you must complete an Inland Revenue NRL1 form (available from us) to enable an agent collecting rent on your behalf to transfer this rent on to you without deducting tax at basic rate. Please ask us for more information.
Capital Gains Tax
Again the position varies according to circumstances and we recommend an accountant is consulted for the correct advice.
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