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Short Let Costs

When preparing to let your property, it is useful to know what costs landlords and occupants have to pay. In general, the costs for both landlord and occupant include the occupancy agreement and inventory check-in or out. Additionally, there are the following costs for landlords:

• Short Lets service and renewal fees
• Service charge and ground rent
• Council Tax
• TV Licence
• Internet
• Utilities
• Maintenance and repairs of property
• Building and contents insurance
• Annual gas and electrical checks
• Energy Performance Certificates
• Tax

 

Tax Services for Overseas Landlords

Income from letting UK property is subject to UK income tax. If you live abroad we must retain tax on rents received unless you have been approved by HM Revenue and Customs (HMRC) to receive rent without tax deducted. 

In order to receive your rent gross, you must complete the relevant paperwork and submit it to the HMRC before the start of the occupancy. You will then have to submit annual tax returns showing details of your lettings income and expenses.

Visit www.hmrc.gov.uk for more information or contact your local Hamptons International office who can provide you with the relevant forms. We work closely with Tax specialists Optimus Tax, that would be pleased to take your instructions. 

For more information, call +44 (0) 1225 480588
or email info@optimustax.com.

Money Transfers, International Payments & Foreign Exchange Services

We’ve partnered with HiFX, a leading UK currency specialist, to help you manage your international money transfers; saving you both time and money. 

For more information, call +44 (0)20 7265 6595
or email foreignexchange@hamptons-int.com

HiFX PLC is authorised by the Financial Conduct Authority under the Payment Services Regulations 2009, registration 462444, for the provision of payment services.

Tax Tips for all Landlords

The excess of rental income over allowable expenses is subject to UK income tax.
Our advice is simple:

• Under no circumstances should you conceal
property income from HMRC.

• Take steps to mitigate your tax liabilities by
seeking professional advice from a reputable
firm of accountants who will advise on income
tax and capital gains tax issues.

• Retain all invoices for sundry expenses such as
ground rents and repairs, and ensure that the
nature of the work is clearly stipulated. Along
with your mortgage interest, you may be able
to offset these expenses against your rental
income to reduce your tax bill.

• A detailed inventory and record of damages
must be drawn up at the beginning and end
of each letting period. This may well avert a
potential dispute over replacement costs which
are allowable if no ‘wear and tear’ allowance
is claimed.

 

Mortgages

If you have a mortgage on your property and you want to let it, you must get permission from your lender in the form of a 'consent to let'. If you do not, you could be in breach of your mortgage agreement. Whatever your circumstances, finding the most appropriate finance arrangement for your property is essential. This can prove to be a stressful and time-consuming experience.

Through Hamptons International’s relationship with Capital Private Finance, their advisers can help address these challenges with specialist property finance advice and access to a wide range of loans and solutions tailored to suit your needs. For more information, call +44 (0)843 290 7302
or email propertyfinance@hamptons-int.com.

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances and loan amount. The fee is up to 1.5%, but a typical fee is 0.67% of the amount borrowed.

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