This is a list of tax deductible expenses that you can claim against your rental property income.
- Mortgage interest is claimable in full but there are special rules regarding tax relief
- Management charges/commission to letting agencies
- Property repairs – but not “improvements”
- Renewals of fixtures on a like-for-like basis (modern equivalents are acceptable)
- Replacing furniture/white goods/furnishings on a like-for-like basis
- Maintenance expenses and costs for decorating – including gas safety certificates;
- Advertising for a tenant and obtaining/drafting a tenancy contract;
- Buildings/ contents insurance
- Council tax, water rates, service charges etc. if the landlord incurs these;
- Travel costs to a rental property for inspections/repairs but note that there are implications for non UK residents.
- Accountancy!