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.