Bookkeeper in Mudford, Yeovil serving Yeovil, Sherborne, Langport, Wincanton, Somerton and surrounding areas of South Somerset and West Dorset.

Summary of allowable expenses which landlords may deduct from rental income for tax purposes

Using rates applicable prior to April 2016

NOTE: different rules apply if you rent out property for holiday lettings. This is classed as trading income, not property income.

If property is owned jointly by two persons - as is the case with property owned by a married couple - then each owner or spouse is usually assessed for one half of the property income.

The following expenditure and allowances may be deducted from rent in calculating taxable property income:

For help with self-assessment tax contact Four Elms Bookkeeping.

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2012 Four Elms Bookkeeping