Are you a Residential Landlord? Do you want to know what expenses you can claim to reduce your tax bill? Then you should read this…………
As well as costs involved in repairs and maintenance being a Residential Landlord can be costly in terms of time spent on administration tasks. Although you cannot offset your time against the rental income you receive, you can claim for replacing kitchen and bathroom equipment and fixtures and fittings. Repairs to the building. Membership to a landlord association. Rubbish Removal. All of these, subject to restrictions, can be allowable expenses for tax.
We have put together a fairly comprehensive list of the allowable expenses which may be of help, however, we suggest that you seek the advise of your accountant before making any claim to ensure that the expense fits the criteria for offset against your rental income.
For example –
When replacing items such as a shower or kitchen appliances, the replacement should be “like for like”.
Should you decide to undertaker repairs yourself, although you can’t claim for your time, you can claim the cost of any equipment you may need to hire.
Repairs and Maintenance expenses
- Replacing windows
- Roof slates/tiles, guttering
- Repairing or replacing bathroom items
- Boiler repair/replacement
- Leaking or burst pipes water/gas
- Electrical wiring repairs
- Repairs to outside walls – cracks in render/repointing brickwork
- Redecorating
- Treating damp and or condensation
- Garden and cleaning costs incurred
- Disposing of garden waste / items beyond repair or no longer needed
Between tenancy expenses
- Utility costs incurred
- Council tax costs incurred
- Advertising for new tenants
Legal and professional expenses
- Accountancy fees
- Tenancy agreements / management fees / letting agent fees
- Subscriptions to relevant associations
- Insurance costs
- Ground rents and service charges
Replacing furnishings and equipment
Landlords who rent out a furnished or part-furnished property, may be able to claim Replacement Domestic Items Relief.
Talk to us, we can help with any of the expenses that you can or cannot claim.
