You can off set all expenses relating to the property against the gross rents received.

In the case of furnished lettings a further deduction will also be allowed to cover the wear and tear of furnishings.

But, remember all of these deductions will only be granted if they are claimed and that it is for this reason that the submission of annual accounts is very much in your interest.

Allowing Accountants to attend to these matters for you will ensure that you receive the full benefit of all the available deductions.

SUGGESTED ALLOWABLE EXPENSES

• Loan and mortgage interest.

• Water (if not paid by tenant).

• Building insurance premiums.

• Contents insurance premiums.

• Legal insurance premiums.

• Agents charges.

• Nominal postage and telephone costs relating to the property.

• Building repairs.

• Decorating.

• Wear and tear (if let furnished approx. 10% of gross annual rent).

Note: Remember, Tax returns are the responsibility of the landlord.