deductible expenses
Deductible expenses can help to reduce your liability to the Inland Revenue.
Examples of deductible expenses that could be used to reduce taxable profit derived from property income include
the following;
- Insurance
- Ground rent
- Repairs and maintenance
- Letting agents fees
- Wear and tear (allowance for furnished properties)
- Legal and accountancy charges
- Unused 'personal allowances' (applied by Inland Revenue)
- Loan interest (MIRAS was abolished on 6 April 2000)