Thank you for your question.
Expenses that are allowable against rental income:
- general repairs and maintenace
- utility bills
- letting agent's fees
- replacement of white goods
- service charges
- legal and professional charges including accountant's fees
Depreciation of property is not deductible
Net profit from UK property would be taxed at your marginal rate. If you are a higher rate taxpayer then you pay tax on rental income at 40%
Finally, mortgage interest relief is restricted at basic rate of 20%.
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