Client Account

Question 1

Under what scheme money should be kept by agent and from when

Answer 1

Client money protection scheme

2019 April

Question 2

What the fine if you are in breach of CMP

Answer 2

30 k

Question 3

If tenant is late with payment

How often and how you chase for payment

Answer 3

7-10 days
14-21 days
28 days

Unless you have contractual agreement it is nit practical to call tenant

Question 4

If tenant fails to pay and falls into arrears advise landlord straightaway and also insurance if there is rental guarAhree rent

Answer 4

Keep records in case it goes to court

Question 5

Which dept deals with overseas landlord

Answer 5

Charities savings international 1 : CSI

Question 6

How landlords applies for consent for agent to pass their gross rental income

Answer 6

They must silly yo csi n complete form
NRL1 individual landlord
NRL2 ofshure compsny
Nrl3 ofshore trust

Question 7

What approved number

Answer 7

Overseas landlord has to apply to csi for consent number to pass gross rental
Income to them.
They apply for thus in nrl1,2,3.
Once they receive this number they have to give it to agent . CSI 1 will give then thus number on form nrl8.
Agent needs this in order to pass gross rent to landlord.
You as agent must submit annual return to hmrc within 3 months to
End year . You must give landlord name addrss gross income and approved number ( that slows you to give them rent )

If landlord fails to pay tax, this is deducted straight from agent

Question 8

Which act places obligation

On landlord who handle rents on behalf of overseas landlord

Answer 8

Finance act 1995

Question 9

What do you need to do if you act on behalf of overseas landlord

Answer 9

Finance act 1995- you need to register with csi as a prescribed person
Give name addrsss tax office name n ref

Question 10

No specific

Answer 10

H

Question 11

Without specific number I

Answer 11

If you dint have spec no you must deduct 20 % less expenses and send rugs to hmrc every quarter . Annual return is done on NRLY form

Send this to tax man every quarter 
Annual return must be sent by 5.07
 You must provide hmrc :
Landlord name and address 
Ref number 
Gross income collected. 
Expenses offset 
Tax deducted  n paid 
You must give landlord certificate of tax deducted nrl6 form 
By 05.07

Question 12

Overseas landlord received rent froM tenant

Answer 12

No agent n no approved number : tenant has to account to csi
Landlord must apply for approval number to provide thus up tenant
If rent is less that 5.200 tenant doesn’t make deductions

Question 13

Rules when you belong to professional body naea or Arla

Answer 13

Files audited annually at the end of financial year

Audited certificate will be required within six months if he end of year

Question 14

When paying close contractor or comm can you take this from deposit

Answer 14

Never . Only from rent if this is agreed in contract

Question 15

If tenant is late with payment
Can you contact guarantor

Don’t create contractual agreement with third party if they want to pay rent

Answer 15

Yes

Question 16

Types if overseas landlord

Answer 16

HM armed forces n crown agents
Landlord received rent from tenant - tenant must account to csi
If rent below 5200 tenant not liable to make deductions

Introduction only agents - if agents collects less than 3 months rent and balance of income less than 100 no liability to ratsin tax