Landlord Fees

Letting agents provide a variety of services that can make life easier for landlords. The degree of service a letting agent provides will command a different price, which is usually a percentage of the rent based on the percentage of the term.

Letting agents can help market the property, vet any prospective tenants, collect rent (and chase it if it is not paid on time) and can also fully manage the property, including dealing with any emergency repairs.

Overseas Landlords
If you reside outside the UK for six months or more and own a rental property in the UK, you will be classified as an Overseas Landlord. This means you must adhere to the Non-Resident Landlords (NRL) scheme, which outlines the rules for paying tax on your rental income.

Under this scheme, UK letting agents like Harris Brown are required to withhold 20% basic rate tax from the rent collected on behalf of non-resident landlords. You can then offset this amount against your tax bill at the end of the tax year. If a property is jointly owned, each person must pay tax - the income and expenditure is equally divided between the parties. A Non-Resident Landlord may complete an NRL1 form to ask the Inland Revenue not to deduct tax at source - but be aware that approval of this will not mean that the rent is exempt from UK tax.