Deductible expenses

Expenses generally allowable include

• Letting agent's fees and commissions
• Accountancy fees
• Some other professional fees
• Interest on a loan to buy the property
• Buildings and contents insurance and appliance and plumbing cover
• Repairs and maintenance including garden
• Gas, electricity and water rates if not paid by the tenant
• Council Tax if not paid by the tenant (unusual) and when the property is not let
• Ground rents and service charges
• Cleaning expenses
• Certain employees to manage the property
• Wear and tear allowance - for furnished properties
• Advice as to what is a repair and what is an improvement
• Landlord’s safety certificate

However, any expense that can be demonstrated to be 'wholly and exclusively' for the letting of the property can be offset against letting income. Contact us today for a detailed overview.