There is a range of expenses landlords can claim, hopefully assisting them in running their business and managing their finances. With so many rules and regulations to consider, it is easy for landlords to overlook areas where they can benefit, but we are here to help.
You can claim on motor and travel expenses
If you use a vehicle to manage your properties, you can request for petrol and the cost of travel. It is possible to claim 45p per mile for the 10,000 miles you cover each year. If you travel more than 25,000 miles carrying out your landlord duties each year, you can claim 25p per mile.
Do you work from home as a landlord?
Landlords have a lot of paperwork to complete, and administrative duties to carry out. If you regularly work from home, you can claim a flat-rate. A flat-rate of £4 is possible if you work a minimum of 25 hours each work at home.
Legal expenses can be claimed
Many legal and professional fees are tax-deductible. Not every fee in this sector is applicable, you cannot claim for estate agency fees, solicitors or surveyors, but other expenses are. If you use a property tax accountant, this is a tax-deductible expense.
Council tax and utility bills should be considered
When a rental property is empty, landlords must pay the council tax and any utility bills that arise. This isn’t good news, but there is some respite, as these costs can be claimed back by the landlord.
Ground rent maintenance expenses
If you find ground rent and maintenance costs are expensive, take comfort in being able to claim for these. This may not sound like massive assistance, but landlords should consider every little saving adds up, and over a year, claiming for everything you are entitled to may positively impact your finances.
Landlord insurance expenses
Most landlords appreciate the importance of landlord insurance, so it is a worthwhile investment. Knowing you can claim for this expense further justifies the venture, so make sure you have sufficient cover for your rental property.
It is vital you retain receipts, and ensure you are in a position where you can justifiably claim for these expenses.
Being a landlord in South West London is challenging, and it can be expensive. With some landlords exiting the industry because of the costs associated with their work, it is vital landlords receive as much support as they can. Knowing what expenses you can claim for is crucial.
If you are a South West London landlord looking for guidance, contact Holmes Estates, and we will be more than happy to help you.