Could you be overpaying tax on your rental income? A lot of landlords miss out on expenses they’re entitled to claim.
Make sure you’re claiming all allowable expenses, including:
✔️repairs and maintenance - fixing leaks, repainting, servicing the boiler (but not upgrading it)
✔️replacement of domestic items - sofas, beds, carpets, fridge, washing machine - replacement only.
✔️utilities you pay for - gas electricity, water, internet, service charges, ground rent.
✔️insurance - landlord, building, contents
✔️professional fees - letting agents, accountants, and legal fees for tenancy agreements
✔️travel costs - trips to the property for inspections, repairs or agent meetings
✔️advertising - listing costs, photos, marketing to find tenants
✔️admin costs - phone postage, stationery, small office costs
The key thing to remember is it’s about maintenance and running costs - not improvements. Big upgrades, buying the property, initial furnishings or personal expenses won’t count.
If you’re...
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