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Chartered AccountantsChartered Accountants

Deductible Expenditure

Expenses generally allowable include:-

  • Letting agents 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
  • Ground rents and service charges
  • Cleaning expenses
  • Payments to employees to manage the property
  • 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.

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