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What expenses can I claim as a landlord?

Allowable expenses are the expenses you spend in the day-to-day running of the property. Please see below the list of possible allowable expenses for landlords:

·         letting agents’ fees

·         legal fees for lets of a year or less, or for restoring a lease for less than 50 years

·         accountants’ fees

·         buildings and contents insurance

·         interest on property loans

·         maintenance and reconstructions to the property (but not improvements)

·         utility bills, like gas, water and electricity

·         rent, ground rent, service charges

·         Council Tax

·         services you remunerate for, like cleaning or gardening

·         other direct values of letting the property, like phone calls, stationery and advertising

Allowable expenses don’t include ‘capital expenditure’ – like buying a property or restoring it beyond repairs for wear and tear.

You may be able to declare tax relief on money spent on replacing a ‘domestic item’. This is called ‘replacement of domestic items relief’.

Domestic items include:

·         beds

·         sofas

·         curtains

·         carpets

·         fridges

·         crockery and cutlery

You must have only bought the domestic item for use by occupants in a residential property and the item you replaced must no longer be used in that property.