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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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