Landlords' Guide

Landlords' Guide

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Landlords' Guide

New to Letting?

  1. Find a property
    *for advice on areas call your local agent E.L.T Lettings who will use their knowledge and fully research the area to advise whether it would be a good investment

  2. What do I want my agent to do?
    As an agent who dedicates their full time to the industry, we probably have more time and expertise to handle a tenancy. You can then select your required service and then let us do the rest.

  3. Agree a rental figure; we can discuss this in full with you and advise a realistic rent for the area.

  4. Ensure the property is up-to-date and compliant with all regulations to ensure full safety of any prospective tenants. A happy home makes happy tenants!

  5. Get insured! Make arrangements to ensure you have adequate landlord insurance in place.

  6. Complete your landlord registration application form.

  7. Find a suitable tenant, full reference is carried out on prospective tenant.

  8. Complete a fully-detailed inventory. It needs to be very thorough.

Lettings Regulations

There are several regulations that you need to comply with to legally rent a property, some of these are:
Gas Safety Certificate, Furniture & furnishing regulations, HMO Lets, Income tax, tenancy deposit scheme plus more!
Contact E.L.T Lettings for more information on all regulations.

Overseas Landlords

If you own a rental property in the UK but your usual home is outside the UK, then you need to comply with the Non-Resident Landlords (NRL) scheme which sets rules around how you pay tax.
The scheme requires UK letting agents to deduct basic rate tax from any rent they collect for non-resident landlords. You can set this tax off against your own tax bill at the end of the year.
You need to pay tax on your rental income if you rent out a property in the UK.
If you live abroad for 6 months or more per year, you’re classed as a ‘non-resident landlord’ by HM Revenue and Customs (HMRC) - even if you’re a UK resident for tax purposes.

How you pay tax

    You can get your rent either:
  • in full and pay tax through Self Assessment - if HMRC allows you to do this
  • with tax already deducted by your letting agent or tenant

Get your rent in full

If you want to pay tax on your rental income through Self Assessment, fill in form NRL1i and send it back to HMRC.
If your application is approved, HMRC will tell your letting agent or tenant not to deduct tax from your rent and you’ll need to declare your income in your Self Assessment tax return.

Get your rent with tax deducted

Your letting agent or tenant will:
  • deduct basic rate tax from your rent (after allowing for any expenses they’ve paid)
  • give you a certificate at the end of the tax year saying how much tax they’ve deducted

  • If you don’t have a letting agent and your tenant pays you more than £100 a week in rent, they’ll deduct the tax from their rent payments to you.
    Please visit the HMRC website for further information, the link can be found under our ‘Useful Links’ tab on our website.

Member Of:

my deposits logo
CLA Council of Letting Agents logo
LAS Landlord Accreditation Scotland logo
SAL Scottish Association of Landlords logo
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