Introduction
Being a property landlord comes with significant tax obligations but also opportunities for legitimate tax savings. Here are our top 10 tips.
1. Understand Allowable Expenses
You can deduct various expenses from your rental income:
2. Mortgage Interest Relief
Since April 2020, mortgage interest is restricted to basic rate tax relief via a tax credit system.
3. Replacement of Domestic Items Relief
You can claim for replacing furniture, furnishings, and household appliances like for like.
4. Keep Excellent Records
Maintain detailed records of all income and expenses. Good record-keeping is essential for accurate tax returns.
5. Understand the Rent-a-Room Scheme
If you rent out a room in your own home, you may be able to receive up to £7,500 tax-free.
6-10. More Tips
Contact us for a full consultation on landlord tax optimisation strategies.
