Landlord insurance for non-residents or overseas landlord landlord needs some simplicity to it, and that's why your questions stop here with this guide.
Whatever you are doing with your rental property in the UK, making sure you have it protected while you are abroad keeps things ticking over.
HM Revenue & Customs (HMRC) have all the relevant laws written up for non-residence landlords. These rule cannot be broker, but on the other hand, the HM Revenue & Customs (HMRC) are very fair and would forgive you if you put things in order before they get out of hand.
Pay your taxes and you'll never get into trouble when you are an overseas landlord.
What's in this guide?
In this guide, you can learn all about protecting your property while you are overseas and a non-resident of the UK.
To get a "non-resident" status you must apply for it.
Yes, there's a scheme for tenants and landlords and it's a good one and you can get help with any issues you run into as you go through it.
The taxman (HMRC) responds in writing so records are kept up to and concise.
Tenants in the UK
All tenants who pay a landlord rent while there abroad needs to send the HMRC an annual tax return if they pay more than £100 per week in rent money.
Letting Agents Abroad
If you collect rent monies for landlord properties here in the UK you need to declare that, also. You need to tell the HMRC the amount of rent you have collected from Non-resident landlords on your books.
If you are a sole letting agent ( helping a friend or someone in your family) they must declare rental income over £100 per week.
Getting things in order is what it's all about and the government here in the UK make things easy for you. They offer you 30 days to register before anyone moves into your renting property here in the UK.
Online Forms You Need:
If you are doing the work for the tenant, both the tenant and the landlord need to report to the HMRC with these forms.
Tenants: NRLY form
Landlords: NRL6 form
And send them to this address as you are overseas.
HM Revenue and Customs
Charities, Savings and International Operations S0708
PO Box 203
Keep this paperwork for as long as you can so you can prove tax payments to the HMRC. Also, save all email back and forth and any other documentation for listed buildings or special circumstance that is written on paper.
Keep documents safe and secure as you may need them one day.
When you have all your tax form sorted out the next important parts is the overseas landlord buildings insurance, itself. With a foreign landlord insurance policy for the buildings, you are covered for fire and flooding damage while you are in another country.
You are also covered for the following:
And with overseas landlord contents insurance, you cover all the internal aspect of your property while you living overseas. This is an optional cover and landlord who get good rent money, say over £1000 per month should consider contents insurance beside buildings insurance.
Contents insurance covers the following:
Buildings insurance is considered a priority.
When you need landlord insurance for non-resident property owners, it’s not always easy to find an insurance company that can help. In fact many landlords struggle with it, but not anymore because we have a system you can use to that get's that job done.