Taxation

Landlords are liable for tax on rental income arising in the UK. You must inform the Inland Revenue that you are letting the Premises – (Taxes Management Act 1970). There are a number of allowances that you can claim against this rental income. You should seek advice on these allowances from your accountant or from the Inland Revenue website which can be accessed on www.hmrc.gov.uk Halcyon can prepare an annual summary of income and expenditure for landlords if requested in writing. You should be aware we forward a form to the Inland Revenue annually detailing all landlords whose property we have let together with the income from the Premises regardless of the country of residence of that landlord.