General News

Non-Resident Landlord Scheme

25th January 2012

Emma White, Lettings Manager at Bonfields Lettings of Market Street, Loughborough and Gordon Road West Bridgford makes current and potential new Landlords aware of the ‘Non-Residential Landlord Scheme’ if they are leaving the UK and renting out their property.

With more and more Landlords deciding to rent their properties out when they are planning to move abroad, many are unaware that they will need to obtain an approval number from H M Revenue and Customs to do this. If this is not sought before the property is rented out, the Letting Agent or the Tenant will have to deduct 20% tax from any income received, before passing the rental monies onto the Landlord.

To avoid this happening, any potential Landlord, needs to make this application at the point they start advertising their property for rent, to ensure this 20% isn’t deducted.

Emma comments; “At Bonfields Lettings, I feel this is extremely important information which needs to be made clear to any Landlord or potential Landlord at the earliest opportunity. I have experienced some well established letting agents have not made their Clients aware of this obligation.”

For further advice on the Non-Resident Landlord Scheme or to discuss any areas of letting property, please contact Emma White, Lettings Manager on;

 

Loughborough on 01509 861223

West Bridgford on 0115 851 5223

Or by Email lettings@bonfields.com

www.bonfields.com