Landlords FAQ

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Click here and view the HM Government’s comprehensive “how to rent” pdf document.

Tenancy deposit protection was introduced by the Government in April 2007 for all assured shorthold tenancies in England and Wales where a deposit was taken from the tenant. The aim is to make sure the tenant is treated fairly at the end of their tenancy. The landlord or letting agent have a number of legal obligations, as set out in the Housing Act 2004, that they need to fulfil to ensure the tenants deposit is protected lawfully. The tenant must be notified of this. This is cover is inexpensive and an easy process for either the Letting agent or Landlord if not using a letting agent.

The costs and expenses incurred in maintaining your rental income are generally allowable;

  • Rental (including ground rent), rates, insurance and other like items that you pay whether the property is rented or not.
  • Repairs, maintenance, renewals.
  • Finance charges and interest on loan are not deductible, but limited relief is available for loan interest and other finance costs.
  • Legal and professional costs including letting agent’s fees, accountant’s fees, legal fees on rent collection.
  • Costs of services provided, e.g. cleaning
  • Other expenses, e.g. advertising, travel, post, use of home as your office.

All management and letting agents who collect rent for their landlords must deduct basic rate tax and pay to HMRC unless told otherwise by H.M. Revenue & Customs (HMRC).

Non-UK residents can apply for approval from H.M. Revenue & Customs (HMRC) to receive rent gross by completing form NRL1. On approval, management and letting agents do not need to deduct tax at source. This is only an exemption from having the agents deduct tax, it does not exempt the landlord from tax on rental income.

The materials contained in this document are provided for general information purposes only and are not intended to provide legal or other professional advice. The Overseas Investor Ltd accepts no responsibility for any direct, indirect or consequential loss or damage which may arise from reliance on information contained in this document. Readers are advised to seek confirmation of statements made herein before acting upon them; specialist advice should also be sought on your particular cases. This document will not form the basis of any offer or legal agreement. The holder must rely solely on its own judgment, review and business analysis in evaluating the Company and must not rely on any statement contained in, or any omission from, this document. Any such liability in relation to any reliance by the holder is expressly disclaimed.


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