What can I claim for my rental property?

HMRC allows you to claim certain expenses from your property. These are things like day-to-day maintenance and repair costs, ground rent, cleaning, and the costs of renting it out, such as agent fees. You can also deduct professional fees you incur in association with managing it. You can claim mileage when it relates to your rental and management of it. One thing that you should exclude from the main expenses is interest and finance costs. These are recorded separately and manually - see the linked article below.

The cost of buying the property, stamp duty, and legal fees associated with the purchase are not deductible at the point of purchase but would be taken into account when it comes to any capital gains taxes on selling it. If you are renovating a property, any significant expenditure in relation to the property that enhances its value is likely to also be treated in the same way (ie not deductible in that year). untied can refer you to an adviser if you want to take specific advice in relation to your circumstances.

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