letting agents

[bob]

I am thinking of using a letting agent to rent out a property,but am unsure as to whether or not it is worth the 12.5% per month.Also do the agents deduct tax from the monthly rent or is that the landlords responsibility.
Any views appreciated.

[Ericthelobster]

No offence intended, but if you are enough of a newbie landlord as to think that there could be some mechanism whereby a letting agent could possibly deduct your income tax for you, then you should definitely be using an agent!

You have to declare your rent income in an annual tax-return. The dosh you pay the agent is a tax-deductible expense, by the way; there are other expenses, for which you'd probably be best to consult an accountant (even if only for your first tax-year).

[MrWoof]

Couldn't agree more, I always advise newcomers to use an agent at first and to watch carefully what they do, ask questions and read this forum. Letting is fairly straightforward but you need to know the pitfalls because getting it wrong can be expensive. Look on the agents fees as a fee for learning.

[bob]

oh yes i was mixed up with a landlord living abroad,thanks for the advice anyway