Residential Landlords

At Cottons we tailor our services towards our client’s individual needs and circumstances, to offer bespoke tax advisory services. Our tax team’s wealth of rental knowledge ensures the most up to date guidance to all our clients.

We work with you to provide a range of support at any stage of your tax life cycle, whether it is the first time you will be renting out a property, or you have a growing rental business, we continue to look for ways to minimize your taxes throughout the year, not just at the end of the year.

The list below highlights just a few rental expenses for Residential Property to be considered as a landlord:

  • Mortgage interest and other finance costs under certain circumstances.
  • Replacements and repairs of non-capital expenditure.
  • An accurate proportion of your accountancy fees.
  • Travel costs related to the property.
  • Services such as cleaning or gardening.
  • Letting agent fees.
  • In certain circumstances expenses incurred prior to letting.

It is important to ensure that as a landlord you are claiming all allowable expenditure for your rental property to reduce your taxable profit or to create a loss that can be carried forward into following tax years to minimise your tax liability.

If you have rental income that you want further support on how to best reduce your tax liability on, or it may be that you are not currently making a profit on your rental property, which does not have to result in unclaimed expenses, contact our team here at Cottons Chartered Accountants, to ensure you are receiving the correct advice.

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