What expenses can I offset against tax?

What expenses can I offset against tax?

 

Allowable Expenses
Certain expenses incurred may be used to reduce the income tax liability on rental income, these include:

  • Qualifying mortgage interest
  • Management fees
  • Advertising expenses
  • Estate agent fees
  • Insurance premiums
  • PRTB tenancy registration fee
  • Legal fees for drawing up leases
  • Mortgage protection policy premium
  • Accountants fees for preparing rental accounts
  • Refuse and other service charges – if paid by the landlord
  • Cost of repairs and maintenance – this covers repairs and general maintenance of a property, however it is not possible to claim for your own time, for example, cutting the grass
  • Wear and Tear

Leave a Reply