Supplementing your income by renting out property is a great idea, and you can increase your after-tax profits even more by claiming relevant expenses.
Anything can be claimed as long as it relates directly to renting or maintaining the property:
Then the expenses must be apportioned accordingly.
For example, if it's a 2-bedroom apartment and you live in one while renting out the other one, then most expenses can be claimed up to 50%.
Yes, mortgage interest can be claimed, but not mortgage repayments.
However, rules are changing, so read our guide to mortgage interest relief changes to understand how it works.
Until recently, landlords could claim up to 10% of the annual rent by using the flat "wear and tear allowance". This has now been swapped with the replacement of domestic items relief.
Basically, you can claim anything spent on replacing things like:
Two things to remember:
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