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I am preparing my first self assessment and was wondering if you could help/advise. It is for one let house, let personally, not through a business.
I have the obvious like mortgage interest, agent fees, insurance, ground maintenance, plumbing repairs I had done etc. but are there any none obvious tax write offs that I can use? Perhaps generic ones that can have an estimated value? Was thinking along the lines of my mobile phone contract, could I reasonable write a % of that off? Perhaps an estimated stationary cost etc.
I am obviously trying to claw back every penny here I know, but I am new to this and trying to learn so any advice would be very welcome! Thanks
Hi Andy,Yes, there will be more expenses you can off-set your tax against.See:Landlords' A to Z of property tax expenses Resources for reducing landlord tax liability
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Contact the HMRC they will give you info for free
or use there internet pages
Its quite simple really
Services rates council tax
Finance loan interest (S24) bank charges
Repairs any repair you do to the property Cp12 ect
and others like Travel ect
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Free Spreadsheet Download - Allowable costs post budget announcement
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What costs can you offset against your property income. The above article discusses the three R:
- Repairs - Replacement - Renewals
We wished we could take the credit for the genius marketing but sadly we are unable to. The three R's in principle are costs that may be offset against property income and reduce the tax of the property investor.
It is therefore important for you to mange your suppliers to ensure that invoices says "installation of a replacement kitchen" which is allowable costs against the property income rather than "installation of a new kitchen" which is not allowable and will be deemed by HMRC as a capital costs
The article below discusses the use of capital allowances on certain property investments such as holiday lets and HMOs. The interesting thing about capital allowances is the fact that it is possible for you claim back any tax paid on your employment if losses are made.
The final article in this suite is all about holiday lets. Provided that the investment meets the HMRC criteria for it to be defined as a holiday let then capital allowances may be claimed. This article looks as the type of costs that fit into the capital allowances bracket.
Of course there are additional tax benefits to holiday lets including: Holdover relief on sale of the property, hold over relief in the event of your death to mitigate IHT, the profits from holiday lets are taken into account when looking at your pension contributions allowances plus many many more
Simon Misiewicz | Business Development Manager
Telephone: 0115 939 4606