To all Landlords...



 At Simply lets we believe your property is one of your most valuable assets. 
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We understand how important it is for you to use an honest, reliable and trustworthy letting agent. Our aim is simple to always put both the landlord and tenant at the heart of what we do. We want to build and maintain relationships by being open, honest and transparent at all times. 
Our vetting process is robust and we will only begin the rental process after we have met the potential tenant and found out their requirements and what type of property they are looking for. This ensures that when your property is let by Simply Lets, you can be assured that is in safe hands.
​https://www.clientmoneyprotect.co.uk/
​We will advertise your property on ON THE MARKET and ZOOPLA  and until we rent it out for you, there will be no fee to pay. ​​ New let fee  still a low £150 inc VAT once let.
HMO/HOUSE SHARES     15% inc VAT
FULLY MANAGED                12% inc VAT
TENANT FIND ONLY FULL SERVICE * 
10% plus VAT of 6 months’ rent, to be deducted from the first month’s rent.
TENANT FIND ONLY  FLAT FEE*                           £250.00 INC VAT
* Please ask for further details
*We are members of the CMP (Client Money Protect) a client money protection scheme 
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FAQ'S:

With over 20 years of letting management experience in Plymouth we have published the top 4 questions asked by landlords.
If you have any further questions please don't hesitate to contact us on 01752 227800 or Info@simplyletsplymouth.com

Who is responsible for my tax?

​YOU ARE; You are obliged to submit all the relevant information to the HMRC annually to account for all your letting income.

Do i have to declare my lettings income?

YES; income tax is payable on rent received from a property which is let. Your tax position will determine whether you pay tax or not. All profit you make from letting should be added to your other taxable income for the year, although the financial records for letting must still be kept separately.You will have to pay income tax if the total of your taxable income is greater than your tax allowance.

Will i have to pay tax on my letting income?

NOT NECESSARILY; It all depends on your personal financial circumstances. For example, You or your company must pay tax on the profit you make from renting out the property, after deductions for ‘allowable expenses’.
Allowable expenses are things you need to spend money on in the day-to-day running of the property, like:
  • letting agents’ fees
  • legal fees for lets of a year or less, or for renewing a lease for less than 50 years
  • accountants’ fees
  • buildings and contents insurance
  • maintenance and repairs to the property (but not improvements)
  • utility bills, like gas, water and electricity
  • rent, ground rent, service charges
  • Council Tax
  • services you pay for, like cleaning or gardening
  • other direct costs of letting the property, like phone calls, stationery and advertising
Allowable expenses do not include ‘capital expenditure’ - like buying a property or renovating it beyond repairs for wear and tear.

Is this is the same if i'm living abroad?

As your letting agents, we are obliged to deduct tax from all rental income, unless the HMRC provides us with an approval number from The Non-Resident Landlords (NRL) Scheme. If the property is owned by more than one person, then an approval number will be required for each party, otherwise a proportion of tax will be retained. For more information, visit www.hmrc.gov.uk/cnr/nr_landlords.htm
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