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. Ms Sinnetta said: “Allowable expenses can be deducted by landlords to work out their taxable rental profit. “I hope the list provided is of interest.”
The list includes: water rates, council tax, gas, electricity, maintenance and repairs (only to the property, not improvements), contents insurance, interest on a mortgage to buy the property, costs of services including the 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, service charges, direct costs such as phone calls and stationery and advertising for new tenants.
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