DEBBIE BOYES, Director at Fleur Lettings answers this question from a Landlord
One of our new Landlords asked us if he needed to file a tax return for his rental income, and how Fleur Lettings could help him be more efficient…
Enjoy the Christmas period, but don’t forget that Landlords are amongst the 12 million people who need to submit a Tax Return by 31st January 2023 for the rental income received, less allowable expenses.
Allowable expenses include professional fees, insurance premiums, utilities/Council Tax, repairs (but not improvements), cleaning etc. Whilst mortgage interest is not an allowable expense at the front end of the Tax Return, Landlords do continue to receive a Tax Credit against the mortgage interest they pay.
Whilst doing this, you will no doubt be looking at ways of keeping these costs to a minimum. In particular, you may be looking at the fees charged by your current Letting Agent and wondering if you are getting good value for money. We believe that now would be a great time to see if your property could be better, and more cost effectively, managed.
For example, Fleur Lettings will provide you with an annual statement automatically, which will help you with your Tax Return. Fleur Lettings also offers a VAT FREE service saving you 20% on your current fees*. We also offer our Landlords mortgage and insurance reviews via a specialist Buy To Let mortgage broker, without Broker Fees.
These are just a few of the many benefits of being a Landlord with Fleur Lettings – so why not talk to us today?
If you don’t love your Letting Agent, you should be with Fleur Lettings, please contact the friendly and knowledgeable team on 01202 001080.
*Guaranteed for 12 months, subject to minimum fees, excludes outside contractors who may charge VAT
Fleur Lettings … worth every petal!
T. 01202 001080
E. info@fleurlettings.net
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