What do I need include in my self assessment return with regards to my rental property

[teessider]

Hi,

Does anyone have a list of what can be claimed for in my self assessment in regards to my expenses on my rental property.

I'm assuming

- General maintainance / improvements

- Insurances?

- ?

- ?

I own the rental house outright (Northeast England) and it has no mortgage although the house I live in is mortgaged. Is there an opportunity here...i.e. re mortgaging my rental and paying off some of my own mortgage (Idea being that I can claim interest back from the revenue - apologies if this seems a bit nieve.

I make very little on the rental - £320 per 4 weeks - as this amount is dictated by the local council (can I request an increase?). The rent is paid directly into my account every 4 weeks and I have had 2 increases in 6 years £280 - £300 - £320 and think that this amount seems very little for what is a 3 bedroom house with front & back gardens. The occupant is a pensioner and not working.

Any other thoughts or landlords in a similar position much appreciated to discuss.

I feel that I am missing something and that the house simply isn't worth the hassle (when I see my tax code each month!)

I want to invest in other properties in Hartlepool to build up a portfolio but the above is putting me off.

Kind regards, Mike

[Acura]

Hi Mike

I claim all my costs associated with letting .. office supplies, postage, advertising, agent fees, travel expenses, professional fees (accountant, NLA, solicitor), repairs and maintenance, buildings and contents insurance, mortgage interest where applicable, bank interest/fees (have a dedicated bank account although I don't have any interest or fees thank goodness!) ... can't think of anything else off the top of my head.

Don't forget 10% wear and tear if the property is furnished.

[Richlist]

I claim all my costs associated with letting .. office supplies, postage, advertising, agent fees, travel expenses, professional fees (accountant, NLA, solicitor), repairs and maintenance, buildings and contents insurance, mortgage interest where applicable, bank interest/fees ...... Don't forget 10% wear and tear if the property is furnished.

Additional items you might consider if you have incurred expenses are:

* capital allowances

* unfurnished expenses

* repairs to contents (in addition to 10% W & T claim).

* small tools/ equipment .....if you do your own repairs/maintenance

* service charges

* ground rents

* utilities during voids

* any freeholder permission requirements

* wages

* telephone....home/ mobile

* ISP costs

* cleaning materials

* car parking

* repairs to tools/equipment

* any relevant training courses

* rent guarantee insurance

* deposit protection costs

* EPC costs

* gas & electrical certificates

* any gardening services provided by landlord

* property web site costs

* consumables

* computer software

* photocopying

* use of home as an office

etc etc

Getting an accountant might be your best choice.....at least for the first year. Come back if you have more specific questions.

Does anyone have a list of what can be claimed for in my self assessment in regards to my expenses on my rental property.

I'm assuming

- General maintainance / improvements

General maintenance is a revenue expense and can be claimed to reduce income tax liability .....improvements are a capital expense and can only be offset against future capital gains tax liability.

[Acura]

Yes, and all of Richlist's items too!

<goes off to check she has everything covered herself>

ETA: The only thing I don't claim for on that list is use of home office. I'll get onto my accountant on that one. Cheers Richlist.

[Firera]

Hi,

Does anyone have a list of what can be claimed for in my self assessment in regards to my expenses on my rental property.

I'm assuming

- General maintainance / improvements

- Insurances?

- ?

- ?

I own the rental house outright (Northeast England) and it has no mortgage although the house I live in is mortgaged. Is there an opportunity here...i.e. re mortgaging my rental and paying off some of my own mortgage (Idea being that I can claim interest back from the revenue - apologies if this seems a bit nieve.

I make very little on the rental - £320 per 4 weeks - as this amount is dictated by the local council (can I request an increase?). The rent is paid directly into my account every 4 weeks and I have had 2 increases in 6 years £280 - £300 - £320 and think that this amount seems very little for what is a 3 bedroom house with front & back gardens. The occupant is a pensioner and not working.

Any other thoughts or landlords in a similar position much appreciated to discuss.

I feel that I am missing something and that the house simply isn't worth the hassle (when I see my tax code each month!)

I want to invest in other properties in Hartlepool to build up a portfolio but the above is putting me off.

Kind regards, Mike