Relief on Letting Agent fees

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Relief on Letting Agent fees

    My letting/management agent deducts their fee prior to payment of the rental money to my bank account. In this scenario, do I report my total rental income as just what I received in my bank account (and therefore presumably I would not be eligible to claim relief on the agent fees as I had never 'paid' them)? Or do I simply report the total monthly rent that I 'charge' as my income, even though I don't ever lay hands on all that money? In which case then presumably the fees and any other charges (such as Legionella assessments etc.) that are taken by the agent directly prior to payment to me would be eligible for relief?



    Thanks!

    #2
    Your gross rental income for 2016-2017 is the total sum paid by tenant .

    You will claim allowed expenses including sums for property maintenance ( & gas safety cert ) and letting agent fees etc .

    You enter your taxable profit = gross annual rental income minus allowed expenses on your tax return.

    Comment


      #3
      Originally posted by DJKebab View Post
      Legionella assessments
      99% unnecessary for residential properties but agents get a nice kickback for arranging it...

      Comment

      Latest Activity

      Collapse

      • Furnished Holiday Let - Tax Questions
        ChaseNRainbows
        Hi I have a property that I'm letting through a short term holiday letting company. All seems good so far, but can someone let me know how the tax works on this? Its located in Brighton if that makes a difference?

        Also as this is a "furnished Holiday Let" what can I get away with...
        13-07-2018, 15:17 PM
      • Reply to Furnished Holiday Let - Tax Questions
        mariner
        BBC Moneybox today suggested new rules in Oct will require LL to spend min 1 night in holiday Let to gain any tax advantage for duration of Let.
        15-07-2018, 22:46 PM
      • Reply to Furnished Holiday Let - Tax Questions
        MdeB
        1. You speak to a tax inspector, not the person that answers the phone (phone your own tax office, or the one local to you).
        2. Get the tax inspector to put the advice in writing to you.

        I have done this several times.
        Once I was given unsolicited information that allowed me...
        15-07-2018, 14:45 PM
      • Reply to Furnished Holiday Let - Tax Questions
        jpkeates
        Personally, I wouldn't take advice from HMRC, a) the people manning the phone aren't qualifies and b) it's like taking legal advice from the police about a criminal matter.

        You need to sit down and talk it through with an accountant in some detail (I'd imagine Brighton has quite a lot of...
        14-07-2018, 08:35 AM
      • Reply to Furnished Holiday Let - Tax Questions
        MdeB
        Best to phone in and ask a tax inspector.

        But, I believe the position includes:
        • To get any tax relief, the property has to be available to let for at least 210 days each tax year and actually let at least 105 days each tax year.
          if property is bought part-way through a tax year,
        ...
        13-07-2018, 21:29 PM
      • Buying new commercial, set up Ltd co?
        multipropertyguy
        I own a number of properties, earn over the 40% threshold, trade as a private individual and do a self assessment return each year for Land & Property.

        Now, I'm looking at a new property, but commercial this time, I'm 50/50 about setting up a Ltd company to purchase the new property...
        11-07-2018, 13:17 PM
      • Reply to Buying new commercial, set up Ltd co?
        loanarranger
        A limited company doesn’t have to have been operating before you buy your first property within it, indeed many lenders will use your personal involvement in Property as a measure of credibility.
        If you decide to include your children , are they over 17 years of age and what percentage will...
        11-07-2018, 20:04 PM
      • Capital gains sale
        leehen
        Hello

        Wonder if you can help.

        I own a currently rented out property and looking to sell.

        Its a little confusing hence my question.

        So to run down a timeline

        March 14 - bought the flat on a shared ownership basis - 50% of full value of...
        07-07-2018, 20:10 PM
      • Reply to Capital gains sale
        Gordon999
        Your total buying cost = GBP 163K . So if you sell at 280K , then your total gain = 280K-163K = GBP 117K .

        Your total period of ownership from Mar 14 to Sept 2018 = 4 years + 6 Months = 4.5 years..

        Your period of former main residence = March 14 -April 16 + 18 Months from...
        09-07-2018, 19:48 PM
      • Reply to Capital gains sale
        leehen
        Hi
        Thanks for your reply
        Estimated sale price is 280,000.
        Thanks
        Lee
        09-07-2018, 18:14 PM
      Working...
      X