Any landlords out there

[wardroom]

Possibly looking into renting out a property soon and I will be doing it all above board but before I go for more info proffesionaly I have a question regarding insurance.
Can I offset this on my tax return and anything else I may have overlooked.

Thanks in advance

 

[DIY Stew]

I highly recommend this site, lots of professionals will give you all the advice you need.

http://www.landlordzone.co.uk/

Stew

 

[Dibs-h]

Possibly looking into renting out a property soon and I will be doing it all above board but before I go for more info proffesionaly I have a question regarding insurance.
Can I offset this on my tax return and anything else I may have overlooked.

Thanks in advance

If it's Landlord insurance - then it is a genuine business expense and should go down on the return\calculation.

 

[9fingers]

I've been impressed by Directline for Business as providers of Landlords insurance. A totally different (pleasant) experience when dealing with them and quite modest rises in premium each year especially when compared to my private house insurance, car insurance etc.

Bob

 

[gregmcateer]

wardroom,
Short answer - yes.
Any reasonable business expense is allowable, (according to my pretty damn good accountant - he's croydon based, so if you want his details, PM me).
We claim for agent's fees, legals, (if any), accountant, some (larger) repairs, such as roof, plumbing, electrical, (not 'upgrades', e.g. single to double glazing = capital improvement and not allowable).
Also, as we are part-furnished, we can claim 10% of the gross rental each year for wear and tear - whether or not you have to pay for any.
HTH
Greg, Accidental Landlord