For example, did you know you can deduct costs associated with general maintenance and repairs?
We've put together a checklist below so you can make sure you don't miss out on any savings. We suggest keeping all documentation related to these expenses organised in one place as you go along. Why?
Ongoing record keeping will be critical in the near future as the Making Tax Digital programme is phased in, and you're likely to be required to file taxes once every quarter. You can read more about that at the bottom of our article here. In light of this, the earlier you can get into the habit the better!
Of course, if Paramount manages your property, we will have invoice copies of all services that have gone through us if you happen to be missing something.
So without further ado, here is our checklist:
Tax deductible expenses
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Letting agent's fees
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Accountant's fees
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Costs associated with general maintenance and repairs (but not improvements)
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Rents, ground rents, and service charges
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Landlord insurance
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Insurance covering appliances like boilers ex. the British Gas HomeCare cover
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Costs of services like gardeners and cleaners
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Between tenancy inventories and deep cleans
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Compliance checks like gas safety inspections (GSIs), EICRs and EPCs
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Water rates, council tax, gas and electricity
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Legal fees for lets of a year or less, or for renewing a lease of less than 50 years
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Direct costs like phone calls, stationary and advertising for new residents
Make sure to note that if you let out your property for only part of the year, you have to apportion your expenses.
If you have questions about any of the above - send an email to Reagan@paramount-properties.co.uk and we'll be happy to answer them.
If there's anything we can't answer, we'll connect you with Chartered Accountant Ryan Lane at Warrener Stewart. We don't get paid to introduce you - he just really knows his stuff!
