If you live overseas for 6 months of the year or more, you’re classed as a ‘Non Resident Landlord’, even if you are a UK resident for tax purposes.
The Inland Revenue have specific rules when it comes to overseas Landlords or Landlords who subsequently move abroad. If you fall into this category it is your responsibility to obtain a tax approval number from the Inland Revenue, Simon Miller & Company Lettings can provide you with the forms needed.
Until we have received the approval number from you, we are legally obliged to deduct tax at the prevailing rate, currently 20%. This money is forwarded on to the Inland Revenue on a quarterly basis.
If you are not accepted
If you are not accepted into the Non Resident Landlord Scheme or you fail to apply, we will make an administration charge of £150 plus VAT for deducting tax and forwarding monies to the Inland Revenue. For further information consult HMRC at: https://www.gov.uk/tax-uk-income-live-abroad/rent Or if you would just like a copy of the Nrl1 form then please contact us.