Ask The Experts

Question #84

Do I have to pay tax on my rental income?

Yes, you may be liable to pay tax on your rental income and further details can be found on the HMRC website. If you are going to be overseas, you will need to complete form NRL2 for approval to receive your rental income without tax deducted, otherwise your agent must deduct the tax at the basic rate and account to HM Revenue & Customs (HMRC); if your tenant is going to be paying the rent direct to you, then your tenant must deduct the tax and account to HMRC.

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#84

Answered by

Paul Deveney

Residential Landlords

Paul has worked in lettings for over 20 years and prides himself on his wealth of experience and knowledge. He is now the head of lettings, and one of the main board of directors at The Acorn Group.