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Property Expenses, What can I claim?
As a landlord you are able to reduce your tax bill by deducing many of the expenses you may incur when letting out a property. Some common allowable expenses include:
The expense should be incurred wholly and solely as a result of renting out your property. Where only part of the expense meets this condition, you will deduct that part from your income. This could be example if the cost of lighting and heating a property is partly used for private purposes as well as renting. If you only rent out part of your home, or only rent it out for part of the year then you will have to do your expenses according to this. So, what are all the expenses you can account for? Below is an extensive list
Need an accountant for your property business then we will be able to help. Elite Financial Accounting has a team of experts that specialise in property businesses. We will be able to help you manage your tax efficiently, so that you can save time and money! Give us a call today to find out more.