Many clients are confused about what expenses are allowable for tax purposes.

Here are some of the allowable expenses –

• Mortgage interest
• Insurance
• Repairs
• Letting fees
• Management fees
• Accountancy fees
• PRTB registration

Other allowable expenses are often overlooked –

• For landlords with multiple units, a reasonable level of motor/travel/phone should be allowable where the landlord deals directly with many tenants in collecting rents etc
• Mortgage protection policies
• Fixtures & Fittings in purchased property – vendor should identify these items and you will be able to claim a tax deduction by way capital allowances on these over 8 years
• Expenditure on significant improvements is not allowable but repairs are – this can be a very grey area and we often help clients with this to ensure they are getting full tax deduction where justified.