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How much do you know about becoming a landlord?
deary65
Posts: 818 Forumite
Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.
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Comments
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Who can be made accountable for paying income tax for landlords resident out side the UK?
Correct answer: The landlord's tenants
You answered incorrectly
:mad: :mad: :mad:"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
Most overseas investors have a UK agent to act as a fall guy; but otherwise the tenant should deduct standard rate tax and account to HMR&C.
Probably get to keep the interest though, like landlords like to do with the deposit.;)
Would you trust a tenant NOT to do a mid-night flit with the tax ?
Harry.0 -
I scored 10 and three of the five I got wrong I erred on the side of caution. I knew the answer to the income tax question but ticked the wrong box, so I should have scored 11!(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
harryhound wrote: »Most overseas investors have a UK agent to act as a fall guy; but otherwise the tenant should deduct standard rate tax and account to HMR&C.
Probably get to keep the interest though, like landlords like to do with the deposit.;)
Would you trust a tenant NOT to do a mid-night flit with the tax ?
Harry.
If you are an overseas landlord and do not employ an agent NOR charge more than £100 pw, this scheme does not apply.
I can't imagine ANY tenants paying the Landlord's tax! Why the heck should they bother? What a stupid rule!(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Nevertheless, if there is no agent and the landlord does not have a CNR number, the tenant is obliged to deduct tax at 22% from the rent before paying it to the landlord, and to pay the tax quarterly to the Revenue.seven-day-weekend wrote: »If you are an overseas landlord and do not employ an agent NOR charge more than £100 pw, this scheme does not apply.
I can't imagine ANY tenants paying the Landlord's tax! Why the heck should they bother? What a stupid rule!0 -
11 out of 15 just using snippets of what i have picked up from here, so not too bad, really.
but how come you can discriminate on age?
i thought it'd be disability, cos if your place doesn't have the facilities then fair enough imo?????0 -
rosysparkle wrote: »Nevertheless, if there is no agent and the landlord does not have a CNR number, the tenant is obliged to deduct tax at 22% from the rent before paying it to the landlord, and to pay the tax quarterly to the Revenue.
The Inland Revenue told me that as I had no agent and the rent was less than £100 pw then I did not need permission to receive rent gross. (Centre for non-residents 15/9/05). I rang them and asked them as I was not sure.
Also see LeafletIR 140, which states on Page 5 that if a tenant pays £100 a week or less, then they do not have to operate the scheme, unless told otherwise.
In my case, this is my only income and does not come above my personal allowance by the time I have deducted the Allowable Expenses. I only charge enough to pay the bills and made £32 profit last year.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
11 out of 15 just using snippets of what i have picked up from here, so not too bad, really.
but how come you can discriminate on age?
i thought it'd be disability, cos if your place doesn't have the facilities then fair enough imo?????
I guess it's for secured housing or whatever they call it.
I would have thought disability too, can't see a landlord being too keen to put in a stanna stairlift up from the bottom of a 19th C Glasgow tenement."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
I don't disagree with your statement about the scheme not necessarily applying if the rent is less than £100 per week, which is why I left that part of your quote in my post.seven-day-weekend wrote: »The Inland Revenue told me that as I had no agent and the rent was less than £100 pw then I did not need permission to receive rent gross. (Centre for non-residents 15/9/05). I rang them and asked them as I was not sure.
Also see LeafletIR 140, which states on Page 5 that if a tenant pays £100 a week or less, then they do not have to operate the scheme, unless told otherwise.
In my case, this is my only income and does not come above my personal allowance by the time I have deducted the Allowable Expenses. I only charge enough to pay the bills and made £32 profit last year.
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11 out of 15 just using snippets of what i have picked up from here, so not too bad, really.
but how come you can discriminate on age?
i thought it'd be disability, cos if your place doesn't have the facilities then fair enough imo?????
It's unfortunate that the UK is so far behind some other countries on age discrimination laws, especially the USA. - the gov. here just doesn't seem to get around to passing a law.FREEDOM IS NOT FREE0
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