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Apr, 2014

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Thread: New to letting

  1. #1

    Default New to letting

    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

  2. #2
    Join Date
    Nov 2012
    Posts
    145

    Default

    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.

  3. #3
    Join Date
    Mar 2008
    Posts
    1,934

    Default

    Quote Originally Posted by dj5283745 View Post
    I'm not sure what else I can claims for
    See the link below.

    https://www.gov.uk/renting-out-a-property/paying-tax
    These comments assume you are in England/Wales, and that your last tenancy agreement was dated after 6th April 2007.

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