New to letting

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  • New to letting

    Hello

    I'm new to letting property and I'm after some advice.

    I'm going to be renting out a property at 850 per month. I do not have a mortgage and it is own outright.

    I have the following expenses each year.

    Service charge on property - 2000
    Letting fees - 2162 including VAT
    Insurance 120

    I'm not sure what else I can claims for and I'm looking for a rough idea of how much tax I will pay.

    Any help woud be appreciated.

    Cheers

    David

  • #2
    Is the property fully furnished? If so, I believe you can claim 10% of the rent as depreciation. You may be able to claim an allowance for the central heating system as a 'fixture', but there seems some doubt about that. The cost of anything else to do with the let e.g. any decoration, keys cut, bit of petrol in the car etc. etc.

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    • #3
      Originally posted by dj5283745 View Post
      I'm not sure what else I can claims for
      See the link below.

      https://www.gov.uk/renting-out-a-property/paying-tax

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