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Taxation
It is the landlord’s obligation to provide a self assessment tax return to declare his/her income.
If a landlord is not a permanent resident of the UK then they will need to request an ‘approval number’ from HMRC which will allow him/her to receive the gross amount of rent. If the landlord(s) do not have an approval number applied for then the letting agent or tenant is liable to withhold tax at the basic rate (currently 20%) and pay this sum quarterly to HMRC.
Where a property is in joint names, both parties must complete the form NRL1 to gain an approval number.
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