New to letting

[dj5283745]

Hello

I'm new to letting property and I'm after some advice.

I'm going to be renting out a property at 850 per month. I do not have a mortgage and it is own outright.

I have the following expenses each year.

Service charge on property - 2000
Letting fees - 2162 including VAT
Insurance 120

I'm not sure what else I can claims for and I'm looking for a rough idea of how much tax I will pay.

Any help woud be appreciated.

Cheers

David

[Ricco E]

Is the property fully furnished? If so, I believe you can claim 10% of the rent as depreciation. You may be able to claim an allowance for the central heating system as a 'fixture', but there seems some doubt about that. The cost of anything else to do with the let e.g. any decoration, keys cut, bit of petrol in the car etc. etc.

[Mrs Mug]

I'm not sure what else I can claims for

See the link below.

https://www.gov.uk/renting-out-a-property/paying-tax