Allowable expenses - HELP!

[msrx3sjj2]

I would be grateful if someone could confirm whether these expenses are considered reasonable. I have £4700 of gross income and am looking to offset

1. Buildings Insurance and plumbing insurance pro rated
2. Management fees - 9% + VAT of gross rent
3. Gas safety certificate including boiler service day before rental
4. Mortgage interest
5. Cost of cleaning the day before rental
6. Cost of obtaining spare key for tenant.
7. Inventory check in cost

Many thanks

[Tax Accountant]

I would be grateful if someone could confirm whether these expenses are considered reasonable. I have £4700 of gross income and am looking to offset

1. Buildings Insurance and plumbing insurance pro rated
2. Management fees - 9% + VAT of gross rent
3. Gas safety certificate including boiler service day before rental
4. Mortgage interest
5. Cost of cleaning the day before rental
6. Cost of obtaining spare key for tenant.
7. Inventory check in cost

Many thanks

Hi,

Yes, all allowable.

Additionally, are you aware that you may be able to claim the furnishings wear and tear allowance if you are letting your property furnished?

Ramnik

[Taxation Solutions]

Hi

Basically any expenditure which is not capital in nature and is incurred wholly & exclusively in connection with the renting of your property, is allowable as a deduction against the rental income.

The expenditure you list is fine and you may also have omitted motor expenses and telephone for example.

Don't forget all expenditure should be supported by relevant receipts and a business mileage log in the case of motor expenses.

www.propertytaxation.co.uk