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Chartered AccountantsChartered Accountants

Deductible Expenditure on Buy to Let Properties

Expenses generally allowable include:-

  • Letting agent's fees and commissions
  • Accountancy fees
  • Certain legal expenses
  • Interest on a loan to buy the property
  • Buildings and contents insurance
  • Repairs and maintenance
  • Gas, electricity and water rates if not paid by the tenant
  • Council Tax if not paid by the tenant (unusual) and when the property is not let
  • Ground rents and service charges
  • Cleaning expenses
  • Payments to employees to manage the property
  • Wear and tear allowance - for furnished properties
  • Bad debts

However, any expense that can be demonstrated to be 'wholly and exclusively' for the letting of the property can be offset against letting income.

Want to know if it's allowable, contact buytolet@moco.co.uk

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    David Evans, R T Booth & Co Ltd
  • "In addition to providing management and year end accounts, Morris & Co have assisted me with and prepared business plans and cash flow forecasts... to help me make vital business decisions."
    Dave Lawson, Cardiff
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  • "I am delighted with the service I have received from Morris & Co. As BFA Affiliate's I have confidence in their level of knowledge and expertise. As a result I am free to concentrate on building my business with their help and advice."
    Simon Wise, Driver Hire London North
  • "At first I was somewhat reluctant... I have been able to establish a mutual trust and experienced a professional and thorough service."
    Kevin Morrissey, Sheffield
  • "When appointing an accountant it was very important to me to select someone who was not only knowledgeable but friendly and approachable. I have always received proactive, professional advice and I know that the specialist advice I require to run my business is only ever a phone call away. A VAT full cost and apportionment calculation was recently undertaken for my company. As a result of this, my percentages have reduced, thereby saving me additional money."
    Ian McGarvey, Ian McGarvey

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