So what exactly are these "claimable expenses" I hear you ask? You can...
- Get interest relief on the money borrowed for the purchase of the property - You must be registered with the PRTB to claim mortgage relief
- Claim expenses for repairs, maintenance, wear & tear, insurance, legal & accountancy fees - However you may not claim for any work / labour that you carry out yourself!
- Claim expenses on any good or services provided by you, the landlord which are not paid for by the tenant e.g. Internet, Telephone
- Apply for a "wear & tear" Capital Allowance of 12.5% per year for 8 years
All these expenses can be deducted from your gross rental income tax. Of course terms and conditions apply, such as: all expenses claimed for must be for business purposes only & not of capital gain!
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