Are you getting the most out of allowable tax deductions?
Many landlords don’t take advantage of the allowances available to them, purely because they’re not aware of the rules regarding tax on rental income.
Every penny claimed as an expense reduces profits which means a lower tax bill. So it’s advisable to save all your receipts and account for every item of spend, even if it’s just a pot of paint.
Deductible costs (allowable expenses) cover a broad range of items, from letting agent fees and mortgage fees, to property repairs such as painting and decorating, fixing a broken cooker, and even replacing a broken roof.