Great video. I guess letting agent fees including: tenant find, full management, assured tenancy agreement (fixed for a period) renewal fee, registering a deposit fee, are all allowable expenses to offset against tax too? What about Council tax during any void periods that as a landlord I am responsible for, can I deduct that too?
@kimberleyshapcottpropertytax
11 ай бұрын
All those expenses would be allowable against the rental income to help reduce any tax liabilities in that period.
@MyMagical1
2 жыл бұрын
Thank you. Great information. I’ve just realised that I could claim the mortgage interest on my BTL. I have never claimed this in all the years I’ve been letting my property. Can I back date my claim and if so, for how long?
@kimberleyshapcottpropertytax
2 жыл бұрын
You can usually go back for up to 4 years depending on dates.
@MyMagical1
2 жыл бұрын
Kimberley Shapcott Property Tax and Accountancy Fantastic. Thank you for the information. 👍
@jazt1628
8 ай бұрын
Is service charge, ground rent, council tax and utility bills included as allowable expenses (for context I am hoping to purchase an ex council leasehold HMO property in my own name and not through a limited company). Thanks!
@kimberleyshapcottpropertytax
8 ай бұрын
All of those costs would be allowable expenses and set against the rental income to reduce the rental profits for tax purposes.
@narayanpun2880
2 жыл бұрын
Great content. If I buy a property through deal sourcer and also if I have done a survey on the property , is it tax deductible?
@kimberleyshapcottpropertytax
2 жыл бұрын
The simple answer is yes. However there is a it depends on how you own it. If it’s in your own name and you don’t end up purchasing then you cannot claim costs but if you do it’s all tax deductible. Although as capital costs rather than revenue. If in a company the cost is always allowed as a company expense but you only get tax relief on those that are purchased again. Generally they are capital rather than revenue expenses. This means you will get the tax relief when you sell the property in the future rather than against your rental income.
@kimberleyshapcottpropertytax
2 жыл бұрын
These would likely be capital expenses so would be tax deductible when the property is sold. Keep an eye out for the video on capital and revenue expenses which explains what is included in each as they are both tax deductible but at different times.
@gordonadam7051
2 жыл бұрын
Mortgage interest relief has gone now I thought…??
@kimberleyshapcottpropertytax
2 жыл бұрын
Check out the video on section 24 interest rate relief: kzitem.info/news/bejne/zm6ksmR5oop8qqQ
Пікірлер: 12