Income Tax - UK Resident & Non-Resident Landlords
Income tax is payable on rental income irrespective of where you live. Landlords must declare this income on a Self-Assessment Tax Return and if one is not issued automatically he or she has a legal responsibility to notify the Inland Revenue of any liability. As the Inland Revenue assesses your income individually, properties that are jointly owned require returns to be completed by each legal owner. There is a requirement under Self-Assessment to keep adequate records to ensure that the calculations included in the return are accurate.

Deductible Expenses Through careful planning we can help to reduce your liability. Examples of deductible expenses that could be used to reduce taxable profit derived from property income include the following: -

*	insurance, ground rent, repairs & maintenance	*	Letting agents fees
*	'wear & tear' allowance for furnished properties	*	Loan interest (MIRAS was abolished on 6 April 2000
*	legal and accountancy charges	*	Unused 'personal allowances' (applied by IR)

Non-Resident Landlords (Landlords whose usual place of abode is outside the UK)
The legislation regulating Non-Resident Landlords and their agents differ significantly from Landlords residing in the UK.
CRL as the rent receiving agent, has a statutory obligation to deduct basic rate tax on the net income and make payments to the Inland Revenue quarterly. However, you can apply to the Inland Revenue to "self-assess" your own tax. To take advantage of this our Tax Department will provide an application form, which upon approval from the Revenue will authorise us to pay the rent without deducting tax at source.

For all Landlords
For Non-Resident landlords

	Tax Basics - Annual statement of all transactions made via CRL
	Comprehensive Tax Summary - Assists in completion of Land and Property section of the Tax Return

Services
For Non-Resident landlords

	Provision of the necessary information and application forms regarding the Non-Resident landlord scheme.
	For overseas landlords that have not applied /received "approval" CRL must account to the Inland Revenue on a quarterly basis.
	A certificate will be issued to you by the 5th July as evidence if any tax has been paid to the Inland Revenue on your behalf.
	Countrywide are obliged to provide an annual return of information to the Inland Revenue for all non-resident landlords.

General

	Annual Tax Report - a summary of income and expenditure transactions accounted for by CRL can be provided.
	Comprehensive Tax Computation - an individual detailed summary can be produced in the same format as the Land and Property section of the Tax Return incorporating items accounted for by CRL and additional information supplied by you.