If you have incurred a revenue expense for the purpose of your property, then you can offset it against the rental income.This means that you can continue to lower your tax bill – legitimately!
Most investors are aware that they can offset mortgage interest, insurance costs, rates, cost of decorating/repairs, wages and costs of services.
- Costs incurred when travelling back-and-to the investment property
- Advertisement costs
- Telephone calls made (or text messages sent) in connection with the property
- Cost of safety certificates
- Cost of bank charges (i.e. overdraft)
- Advisory fees e.g. legal and accountancy
- Subscription to property investment related magazines, products and services