12 Reasons To Rent Out Your Property

You are able to deduct expenses you incur from letting the property.

Some examples of allowable expenses you can claim are:

Water rates, council tax, gas and electricity Landlord insurance Costs of services, including the wages of gardeners and cleaners (as part of the rental agreement) Letting agents' fees Legal fees for lets of a year or less, or for renewing a lease of less than 50 years Accountant's fees Rents, ground rents and service charges Direct costs such as phone calls, stationery and advertising for new tenants

Any expenses should be incurred wholly and exclusively as a result of renting out your property.

Since April 2020, you've no longer been able to deduct any of your mortgage expenses from your rental income to reduce your tax bill. Instead, you now receive a tax-credit, based on 20% of your mortgage interest payments. You should always seek expert advice to discuss all the tax implications in detail.