INCOME TAX

Income tax must be paid on the net income from the letting of a property.

This is applicable whether you are a resident or a non-resident landlord. All agents can be asked to provide names of landlords to the Inland Revenue.

Your taxable income can exclude:

• Loan interest
  
• Insurance, ground rent and service charges
  
Costs of providing services included in the rent, such as water and electricity

• Legal and accounting costs
  
• Cost of repairs, redecoration or renovation of the property
  
• Agents fees

• Cost of preparing the property for letting
  
• Expenditure on initial furnishings or improvements to the property
  
• Capital repayment elements of mortgages

• Capital gains tax may be incurred if you sell your investment property. It is always important to obtain detailed professional advice. However you may be exempt from capital gains tax if;
  
  
• You are a non-resident landlord
• You are letting a former home for no more than three years.
• You are letting a former home when obliged to work elsewhere in the UK for no more than four years.
  

LETTINGS AND MANAGEMENT SERVICES

Parklane will visit your property, to assess the property for the rental market and rental value. We will discuss what adjustments, if any, are necessary to ensure your property meets general letting standards, as well as our own. We will provide full information on the range of services available. They include:

• We will market the property through our offices, website, touch screens and press advertisements if required.
  
• Secure interest from good quality tenants which we will vet and take references from.
  
• Draw up legal documents and ensure proper execution.
  
• Receive initial monies and ensure clearance before passing all details of the tenancy to the landlord. This takes place prior to commencement of the tenancy and before the keys are handed over to the tenant. The landlord takes responsibility for rent collection and management of the property.
  
  

• Receive the rent from tenants on a monthly or quarterly basis.
• Forward net funds to the landlord, along with a rental statement.
• Return appropriate deposit to tenants

• We will market your property.
  
• Draw up legal documents and ensure proper execution.
  
• Arrange for an inventory check.
  
• Pay appropriate expenditure from rental income/float monies.
  
• Provide a rental statement detailing any expenses along with expenditure invoices.
  


• Carry out routine visits and provide photographs of the property.
  
• Address any maintenance issues that may arise.
  
• Arrange professional cleaning, repairs and an inventory at the end of the tenancy. Our inspectors will provide a written report (together with digital photographs if necessary) of the condition of the property at the end of the

• Pre-tenancy cleaning
• Fire and furnishing checks
• Gas safety checks
• Inventory
• Appliance checks
• Electrical reports

If there is any aspect of letting your property that you would like to know more about contact one of letting team in our Headingley or Chapel Allerton Office and they will be happy to help.

Please note
This guide offers practical advice; it is not intended to be a fully comprehensive lettings reference. If you require ANY clarification with regard to the content of this guide please do not hesitate to contact any of our letting team and they can answer any of your questions or queries.