Landlords:  Have You Claimed Your Pre-letting Expenditure?

Landlords:  Have You Claimed Your Pre-letting Expenditure?

If you’ve incurred qualifying expenditure at some time prior the letting of your rental property, you can still offset this expenditure against rental income (once it’s received) as long as it meets certain criteria. You cannot claim for expenses, such as repairs or...
Tax Relief When Home is The Office

Tax Relief When Home is The Office

When a business is operated through premises that are owned or let by the business, claiming for rent, rates and utilities, etc., is all relatively straightforward. However, when the business is run from the home of the proprietor or director (if a limited company),...

Renting a Second Property? What Can Be Claimed?

Any time you rent out a property the profit earned will be subject to income tax. However the taxable profit can be reduced by the claiming of legitimate expenditure. So what expenses can be claimed? Mortgage payments The interest element (not the capital repayment)...

Running a Business From Home

As many businesses now operate from home, HMRC allow you to apportion certain expenses between business and private use of a property, even though no extra overheads are generated. You can use either the apportionment of expenses method or the fixed deductions for...