Increasing your income by renting out property is a great idea – just don’t forget to pay tax on that rental income.
What you might not know is that you can increase your after-tax profits by claiming property 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%.
You might also be eligible for the £7,500 Rent-a-Room relief.
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:
Get your self assessment prepared for you online by certified accountants for £119
Our online tax-bot will go over your tax situation and will make sure you won’t overpay your taxes.
You can talk to one of our tax assistants at any time during the process when you have any questions.
We’ll tell you exactly what documents you need and sort them for you online. You just upload them or snap a picture with your phone.
Your certified accountant will go over your details & prepare your tax return for you to review. It will be filed on your behalf once you approve it.
We have a simple online service that guides you through the entire process. Regardless of your reasons for doing your tax return we'll help you get it done right.
We'll prepare your self assessment and help to maximise your CIS tax refund. We have the lowest fees in the industry and you don't have to pay up front if you're eligible for a refund.
Our service allows people living abroad to prepare their income tax return online. We are able to process all returns regardless of your current country of residence.
UK company directors are required to file their self assessment annually. TaxScouts handles this through a simple online process.
Long Lets, Airbnb, Capital Gains. TaxScouts will sort out your self assessment and take away the worry of tracking all the recent tax changes.
TaxScouts ensures the self employed don't overpay on their taxes. We'll help you benefit from all the tax breaks and deductions that can be applied to your return.
At TaxScouts we appreciate that tax returns are highly individual. Before you get assigned an accountant we make sure to understand your circumstances and help you build your optimal tax profile.