Landlords: are you claiming your allowable expenses?
Goadsby Lettings Manager Jacqui Sinnetta has gathered a list to show the most common type of expenses that can be deducted by a Landlord. Jacqui said “Allowable expenses can be deducted by Landlords to work out their taxable rental profit. I hope the list provided is of interest.”
• Water rates, council tax, gas and electricity • Maintenance and repairs only to the property (not improvements) • Contents insurance • Interest on a mortgage to buy the property • Costs of services, including wages of gardeners and cleaners • Letting agents fees • Legal fees for lets of a year or less, or renewing a lease of less than 50 years • Accountant’s fees • Rents, ground rents and service charges • Direct costs such as phone calls and stationary • Advertising for new Tenants Jacqui adds “The expense should be incurred wholly and exclusively as a result of renting out your property.”
For more advice on Letting, contact the agents on 01722 343343
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