Landlord expenses - what to record and why
Keeping good records of expenses can reduce your tax bill and make Self Assessment far less painful. This is general information, not tax advice - speak to an accountant for your situation.
Commonly allowable costs
- Letting agent and management fees
- Repairs and maintenance (not improvements)
- Insurance, ground rent and service charges
- Certificates such as gas safety and EICR
- Accountancy fees
Mortgage interest
For individual landlords, mortgage interest is generally not deducted as an expense but given as a basic-rate tax credit. Check current HMRC rules.
Keep receipts
Photograph receipts and attach them to each expense so you have evidence if HMRC asks.
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