{"id":2877,"date":"2021-03-11T17:01:37","date_gmt":"2021-03-11T17:01:37","guid":{"rendered":"https:\/\/cloud9accountingteam.co.uk\/?p=2877"},"modified":"2021-03-11T17:01:37","modified_gmt":"2021-03-11T17:01:37","slug":"landlords-common-deductible-expenses-2","status":"publish","type":"post","link":"https:\/\/cloud9accountingteam.co.uk\/sk\/landlords-common-deductible-expenses-2\/","title":{"rendered":"Landlords \u2013 Common Deductible Expenses"},"content":{"rendered":"

Landlords \u2013 Don\u2019t Overlook These Common Deductible Expenses<\/strong><\/p>\n

As a landlord, the lower the taxable profit from your property rental business, the less tax you will pay. As allowable expenses are deducted from rental income to arrive at the profit figure, it is important that you do not overlook any expenses which you have incurred and which can be deducted when working out your taxable profits.<\/p>\n

What is deductible?<\/strong><\/p>\n

The general rule is expenses can be deducted in calculating the profits of your property rental business if they are incurred wholly and exclusively for the purposes of that business. Revenue expenses can be deducted regardless of whether you prepare accounts on the cash basis or the accruals basis. However, if you prepare accounts on the cash basis, you can also deduct many capital expenses (the main exceptions being the cost of cars and the property itself). If accounts are prepared on the accruals basis, there is no deduction for capital expenditure when calculating profits (although relief may be available otherwise depending on the nature of the expenditure).<\/p>\n

Expenses checklist<\/strong><\/p>\n

The following is a checklist of common expenses. This can be used to check that you have not forgotten to deduct any when working out your taxable profit. Remember to keep records of all expenses that you incur so they do not get overlooked.<\/p>\n

Common expenses:<\/p>\n