Rental income - allowable deductions

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Good morning everyone.<BR><BR>Just wanted to double check what you could claim as allowable expenses.<BR><BR>Can you still claim mortgage interest payments?<BR><BR>Would a new flat roof be classed as capital expenditure?<BR><BR>If you haven't got all receipts is it best just to claim 10% wear & tear allowance?<BR><BR>Have i missed anything?<BR><BR>Many thanks in advance, Scott.

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Rental income - allowable deductions

    Best bet to call inland rev - they are really helpful. When I did last years return I claimed mortgage interest. I would think the roof would be fine to claim for (contact the company and ask for duplicate of invoice) and then 10% wear and tear on top. I also claimed for house insurance and public liability insurance for the property as well.<BR>Hope this helps.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Rental income - allowable deductions

    Cheers Trog - that's a great help.<BR><BR>Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Rental income - allowable deductions

    Hi, <BR><BR>I was told rent or lease it's legal fees on the new lease which is disallowable when adjusting the profit to calculate the tax. The renewal of a lease is allowable and rent is allowable too.<BR><BR>Regards,<BR><BR>gaffarn

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