Rental income deductions explained

Simon Massey of Menzies explains what your can and cannot claim as deductions against rental income.

One of the most common things we are asked is to give some guidance about the type of expenses that might be able to be claimed as deductions against a rental property. While many of us might think we know the answer, HM Revenue & Customs have complex and evolving rules that govern the amounts which may be claimed and the nature of the expenses which are deductible.  These rules are broadly enshrined in the tax legislation but have evolved over the years as a consequence of custom and practice along with Court Judgments. Mortgage Interest There is a common misconception that the ...