![]() If you only use it for cleaning carpets in your rental property or properties, you can claim all of the cost as a legitimate allowable expense. So, for example, you can’t claim for the total cost of a carpet cleaner that you use for your own home as well as your rental property. What is a legitimate landlord expense?įor an expense to be allowable, so that you can legitimately deduct it from your rental income as a landlord, it must result “wholly and exclusively” from renting out your property. ![]() These outgoings can certainly mount up over a year and take a large chunk out of your rental income.įortunately, for tax purposes, you can claim many such costs as allowable expenses, which you can deduct from your rental income as a landlord to help reduce your tax bill. Some are relatively minor, while others are rather more expensive. This will keep you and your business safe in the case of a mishap.Renting out property involves having to pay for a wide range of associated costs and expenses. Another element of paperwork you need to consider is to have the appropriate insurance for all of your rentals. Make sure that you have clearly printed invoices for your customers that delineate all of the rental information. Dealing with the fine print is not necessarily fun, but an important part of running your small business.
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