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

Allowances applicable from April 2017

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.

Allowable Property Expenses in 2016/17 tax year   Corporation Tax Calculator

Allowable Property expenses before April 2016      Contact details for Four Elms Bookkeeping        Home Page

2017 Four Elms Bookkeeping