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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
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Please could you tell me what expenses can be charged against

Resolved Question:

Please could you tell me what expenses can be charged against rental income . The situation is that my client lives in the house as well and rents out to two tenants who have use of the shared rooms and an individual bedrooms. Can costs such as heat , light, water , insurance , sky, repairs , alarm all be apportioned across all three people .
Also council tax as well or is this different ?
Thank you
Submitted: 3 years ago.
Category: Finance
Expert:  Shantal-Mod replied 3 years ago.

Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

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Thank you,

Shantal

Expert:  Rakhi Vasavada replied 3 years ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Against rental income, you can generally deduct many expenses. Broadly speaking, in calculating rental profits a taxpayer can deduct business expenses so long as they are:

=>incurred wholly and exclusively for business (rental) purposes; and
=>are not of a capital nature.

Examples of deductible expenses include:

  • Repairs and maintenance;
  • Interest paid;
  • Capital allowances;
  • Wear and tear or renewals allowance;
  • Travelling expenses;
  • Legal and professional fees;
  • Managing agent’s fees;
  • Insurance;
  • Rents and ground rents paid;
  • Lighting, heating, cleaning, gardening, security, caretaking etc.;
  • Advertising;
  • Accountancy fees for preparing the accounts and agreeing taxation liabilities;
  • Council tax, business rates and water rates – if paid by the landlord;
  • Bad debts and the cost of pursuing debts;
  • Staff costs, including statutory redundancy pay and training.

 

YES, Council Tax can also be deducted, so long as you, as a land lord is paying it.

 

The following is for your general reference.

 

http://www.hmrc.gov.uk/agents/toolkits/property-rental.pdf

 

I am sure this would help.

 

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, please feel absolutely free to revert back with a reply if you need further assistance.

 

Warm Regards,

Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4498
Experience: Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Expert:  Rakhi Vasavada replied 3 years ago.
Dear Friend,

Hello and welcome. I see this question waithing for my reponse.

Are you able to read my reply above ? Is there anything more I can assist you with. Do you have any further questions ?

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, please feel absolutely free to revert back with a reply if you need further assistance if I am missing out on any aspect of your question.

 

Warm Regards,

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