Useful Buy2Let Information & Tips.... 

 

…Examples of Revenue Expense Items - The following items of expenditure are “offsetable” against your taxable income:- Mortgage interest - every April your mortgage lender will post you an annual statement showing total interest paid in that tax year. This is proportionately your largest allowable expense that helps to reduce your taxable income. To qualify to offset interest you must let your property for more than 26 weeks a year. Letting Agent Fees – your agent will post you a summary of the letting agent fees (if you use a letting agent at all). These will include VAT. This document will include your rental income received and the deductions for their property management service. This expense will probably be your second biggest expense behind mortgage interest. Repairs & Maintenance – repairs means ‘the restoration of an asset by replacing subsidiary parts of the whole asset’. Most general repairs are deductible; For example, mending a fence, repairing a broken washing machine, gardening services, the annual CORGI Gas Inspection, or treating wood rot. It does not apply for repairs before the tenancy has begun i.e. soon after you bought the property and are starting up; it only applies to ongoing repairs during a tenancy. Insurance Premiums – all premiums for cover of buildings and contents, legal expenses cover, income protection or rent protection can all be included. Legal and Professional Fees – if you need to employ a solicitor during the rental period for services related to your rental property, you may include these costs as an allowable expense. Advertising Expenses – to attract new tenants yourself (i.e. without using an agent), you can include the cost of advertising as an expense. This may include cost of an advert in a newspaper on or a property web site. Traveling Expenses – this is the cost of petrol or train tickets etc to travel between your home property and your rental property i.e. the running costs. It does not include the actual cost of buying a car. Keep a record or log sheet of mileage on every journey. If you administrative office for your rental business is outside of your home property, you will, NOT be allowed to include traveling expenses from your home to your rental property. Accountancy Costs - the cost of your accountant’s services (for producing your annual accounts and completing your self assessment form) is an allowable expense. Remember to keep all of your receipts (for everything for five years) otherwise your accountant will have a very difficult annual job convincing the Inland Revenue about the authenticity of your accounts. Cost of rental collection – in the normal course of business. Interest on Loans - Interest payable on loans used to purchase land or property (used in your letting business, or fund repairs, improvements or alterations), is deductible. Use of Home as Office – you may deduct a proportion of the cost of heating, lighting and telephones etc from your home ‘office’, to manage your rental business. Beware; the same proportion of your home may then be liable for Capital Gains Tax if you sold it. Therefore, it is wise to request a formal written valuation from a local estate agent. You should weigh up carefully the benefit of minimal home office expenses to offset versus the potential huge CGT liability should you choose to sell your home in the future. Bad & Doubtful Debts - may be deducted as a revenue expense.

 

 

 

Mortgage Brokers in West-Midlands.... 

 

Access Mortgage Solutions:-    1 Birmingham Road,  Sutton Coldfield, , B72 1QQ

Alvechurch Investments:-    10 Bittell Lane,  Birmingham, , B45 8NS

Arlington Financial Management:-    2 Arthur Road,  Edgbaston,  Birmingham, , B15 2UW

ASC Warwickshire   Finance For Business:-    8 10 Corporation Street,  Coventry, , CV1 1GF

Aspinall Robson:-    34 Dartmouth Close,  Walsall, , WS3 1SU

B G Mortgage and Finance Limited:-    Chiltern House,  Brierley Hill, , DY5 3UP

Barnt Green Mortgages Services:-    63 Hewell Road,  Birmingham, , B45 8NL

Beeches Property and Finance Centre:-    79 Thornbridge Avenue,  Birmingham, , B42 2PW

Carlton Business Finance:-    157a Stratford Road,  Shirley,  Solihull, , B90 3AX

Central Mortgage Services:-    Mercer House,  Oldbury, , B68 0PJ

Cofton Mortgage Solutions Limited:-    9 Bellcroft,  Birmingham, , B16 8EJ

Collateralised Mortgage Securities No 1 Plc:-    St Catherine's Court,  Solihull, , B91 3QE

Complete Property Services Midlands Limited:-    24 Upper High Street,  Cradley Heath, , B64 5HX

Council Homebuyers:-    13 Halesowen Road,  Halesowen, , B62 9AE

Crystal Mortgages Limited:-    66 Lysways Street,  Walsall, , WS1 3AA

Exeter Mortgage Service:-    169 Tythe Barn Lane,  Shirley,  Solihull, , B90 1PF

Face to Face:-    244 Lyndon Road,  Solihull, , B92 7QW

Four Ashes Finance:-    Shire House,  Shirley,  Solihull, , B90 4LR

Heritage:-    99 Lower High Street,  Cradley Heath, , B64 5AA

J S Associates:-    Stratford Road,  Sparkhill,  Birmingham, , B11 4AE

Loan Link:-    Bradford Court,  Birmingham, , B12 0NS

Manex Corporate Brokers Limited:-    Suite 3,  Walsall, , WS1 3BZ

Martin Pearson:-    49 High Street,  Brierley Hill, , DY5 3AB

Matrix Intermediary Mortgage Services Limited:-    9 Aston Science Park,  Birmingham, , B7 4BJ

Mortgage Finders UK Limited:-    Studio,  Birmingham, , B1 1SB

Mortgage Master U K Limited:-    Bradford Court,  Birmingham, , B12 0NS

Napier Munroe Limited:-    St. James House,  West Bromwich, , B70 0PU

National Guarantee Plc:-    Queensgate Business Centre,  Birmingham, , B1 1LX

New Finance:-    112 Walsgrave Road,  Coventry, , CV2 4ED

Quinton Paul Associates:-    3 Anchor Road,  Aldridge,  Walsall, , WS9 8PT

R S A Mortgages:-    342 Londonderry Road,  Oldbury, , B68 9NB

Renval Financial Services:-    PO BOX 2854,  Stourbridge, , DY8 4WB

Robert May Financial Services:-    251 Mary Vale Road,  Bourneville,  Birmingham, , B30 1PN

Sceptre Mortgage Services:-    18 Arden Oak Road,  Birmingham, , B26 3LX

Simply Mortgages Limited:-    58 Hagley Road,  Stourbridge, , DY8 1QD

Smart Move Mortgage Consultants:-    Vesey House,  Sutton Coldfield, , B72 1XH

Synergy Mortgage Processing:-    456 Station Road,  Dorridge,  Solihull, , B93 8EX

Terence Mortimer and Company:-    Third Floor,  Stourbridge, , DY8 1AQ

The Mortgage Store Limited:-    147 Lichfield Street,  Walsall, , WS1 1SE

Warick Night Associates:-    406a Birmingham Road,  Sutton Coldfield, , B72 1YJ

Waterloo Financial Services:-    13 Waterloo Road,  Wolverhampton, , WV1 4DJ

 

 

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