There are a lot of expenses Landlords can claim in order to reduce their tax liability. Tax can be confusing, and Landlords are unsure of their obligations and entitlements, meaning that they often don’t claim back what they are entitled to and miss out on potential savings. Here is a list of expenses landlords can and cannot claim when doing their taxes:
Expenses landlords can claim
- Residential Tenancies Board (RTB) registration.
- Insurance premiums against fire and public liability.
- Maintenance of your property such as cleaning, painting and decorating, furnishings and fittings.
- Repairs, such as rot treatment, mending windows, doors or roof slates.
- Property fees before you first rent out your property such as management/ agency, advertising, legal or accountancy fees.
- Cost of any service or goods you provide that are not repaid by your tenant (such as electricity, central heating, telephone, service charges, water and refuse collection).
- Certain mortgage protection policy premiums.
- Capital allowances.
- Expenses in between renting out the property in certain circumstances.
There are a few expenses landlords can’t include on their list
- Post-letting expenses, i.e. expenses incurred after the final letting are not deductible.
- Interest you’re changed from the time you buy a property to when it’s first rented.
- Any cost for your own labour when carrying out repairs to the property.
- Stamp Duty.
- Local Property Tax (LPT).