pugsy Posted April 24, 2008 Report Share Posted April 24, 2008 Hiya chaps. Haven't posted in ages, hope you're all doing OK. Does anyone know what a FICO number is. My LA has asked for mine and I don't know what he's talking about! Link to comment Share on other sites More sharing options...
Selkirk Posted April 24, 2008 Report Share Posted April 24, 2008 Found this You will be liable to pay tax on any profit generated from letting your property - however the amount of tax you pay will depend upon your individual circumstances. If you reside permanently in the UK will pay rent to you gross, we do not deduct tax from your rent and we recommend that you speak to an accountant regarding the completion of the self-assessment forms. If you are overseas for more than six months in any tax year, you will be regarded as a non-resident Landlord. In these circumstances and under current legislation we are required to deduct and pay over to the Inland Revenue tax at the basic rate unless, we are in receipt of an exemption from the Inland Revenue. If you do not hold such an exemption then an separate fee will be charged to cover any additional costs we may incur in meeting the Revenue's requirements. Once the Revenue notifies us that you are exempt (by giving you a FICO number) we will no longer need to deduct tax. We can supply you with the necessary forms for you to forward to the Inland Revenue. We would suggest you contact your local Inland Revenue office and discuss the situation with them well before you are ready to move. Please note that where there are joint Landlords (including married couples) an exemption is required for each Landlord. Hope that clears it up ??? cheers Link to comment Share on other sites More sharing options...
GPEL Posted April 24, 2008 Report Share Posted April 24, 2008 Soonest, go to the IR web site, search for non-resident landlords information and complete the application form for exemption. Why is your LA only asking for it now, didn't they take you through the process prior to start of the tenancy? Simple to apply for but could problematic if you don't complete it. Your LA will need to provide you with some info as well. Link to comment Share on other sites More sharing options...
simhar Posted April 24, 2008 Report Share Posted April 24, 2008 Keep us updated on this one pugsy. Link to comment Share on other sites More sharing options...
pugsy Posted April 25, 2008 Author Report Share Posted April 25, 2008 Thanks guys, after your pointers, I got digging and I understand what's happened. We have the Non Res Landlord Certificates (addressed to us) with a reference number on from last year. I, wrongly, thought that this was the 'approval' so to speak. However, the FICO numbers are different numbers on a very similar letter that is sent out to the LA, hence why I've never seen the FICO numbers. So that's why my new LA has been querying the Non Res Certificates I've got, saying they're not valid. It seems the FICO numbers are not transferable between agents so I need to ask HMRC to send out new approval addressed to the new agents. Learn something new everyday!! Thanks again. Link to comment Share on other sites More sharing options...
GPEL Posted April 25, 2008 Report Share Posted April 25, 2008 If your new agent calls the NRL office and references your existing approval, the office should be able to update their records to show the new agent's involvement. Link to comment Share on other sites More sharing options...
pugsy Posted April 29, 2008 Author Report Share Posted April 29, 2008 If your new agent calls the NRL office and references your existing approval, the office should be able to update their records to show the new agent's involvement. Yes, will try that, after all, I pay them alot of money and they don't really actually do much for it. Least they can do is make a phone call. No offence to hardworking LA's out there! Link to comment Share on other sites More sharing options...
Simon Dewsberry Posted April 29, 2008 Report Share Posted April 29, 2008 No offence to hardworking LA's out there! Where !? The Rodent Link to comment Share on other sites More sharing options...
plym77 Posted May 8, 2008 Report Share Posted May 8, 2008 sorry, been away for a while ... looks like you have cleared this one up yourselves! I assume that you have an appropriate form NRL1 done so as to collect your rental income gross of tax? Sherena Link to comment Share on other sites More sharing options...
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