Rental Expenses

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    Please can you help me. I am in the process of calculating all my expenses for the year. Please can you advise if I have included all the necessary charges below and if there are any additional to be added. Also should I be taxed 40% on the final figure below or are there any exceptions ?

    Thanks Ian

    RENT 5,200.00
    MORT INT -680.00
    ACCOUNT -400.00
    MORT AGMT FEE -75.00
    INSURANCE -48.00
    CLEANING -20.00
    MOTOR -20.00
    PHONE -5.00
    WEAR TEAR @ 10% -520.00
    PROFIT BEFORE TAX 2,064.00
    TAX 40% 825.60
    PROFIT AFTER TAX 1,238.40

  • #2
    A good start would be to visit HM Revenue and Customs

    Download from the Land & Property Section:-
    • Land and Property Pages - SA 105
    • Notes on Land and Property SA105

    Please note the form has not yet been updated for the tax year ending April 2006 but it has remained the same for many years. The notes are very useful.
    Vic - wicked landlord
    Any advice or suggestions given in my posts are intended for guidance only and not a substitute for completing full searches on this forum, having regard to the advice of others, or seeking appropriate professional opinion.
    Without Plain English Codes of Practice and easy to complete Prescribed Forms the current law is too complex and is thus neither fair to good tenants nor good landlords.


    • #3
      Thanks, although what I can't understand is the "wear and tear allowance" part of taxable income. i.e. would I expect to get taxed 40% on this as well ?


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