Rental income is liable to tax. If you are a UK based landlord, Little London Estates will remit rental income to you gross, less fees and expenses. You are then responsible for your own tax affairs. If you are not accustomed to dealing with HM Revenue & Customs (HMRC) or making annual tax returns, we strongly recommend that you employ an accountant to deal with this for you.
If you are living abroad, you may be considered to be an overseas landlord and required to register your status with HMRC by completing an NRL1 Form. This is a simple online form that can be completed and submitted electronically. For joint property owners, a separate form must be completed for each individual. Until such time as HMRC confirms that a landlord is registered with them on this basis, we are legally obliged to deduct tax at the prevailing rate before remitting the balance to you.
From time to time, HMRC will also ask us for information relating to rental payments paid to landlords. We are legally obliged to provide them with this information.
For more information on HMRC and to download or complete a NRL1 form please follow the links provided.
