In the last blog I talked about typical costs you can offset to reduce your property tax liability that often get overlooked by us.
As you are aware, as landlords we are responsible for maintaining the property. Therefore, any property maintenance related costs can also be offset against our rental income.
The following list details typical maintenance/repair costs that you are likely to incur and which you can offset against your rental income:
• repairing water/gas leaks, burst pipes, etc.;
• repairing electrical faults;
• fixing broken windows, doors, gutters, roof slates/tiles, etc.;
• repairing internal/external walls, roofs, floors, etc.;
• painting and redecorating the property;
• treating damp/rot;
• re-pointing, stone cleaning, etc.;
• hiring equipment to carry out necessary repair work;
• repairing existing fixtures and fittings which include:
o radiators,
o boilers,
o water tanks,
o bathroom suites,
o electrical/gas appliances,
o furniture and furnishings, etc.
