Over the past few years there has been a steady increase in the number of clients who purchase properties to let out. BTL or buy to let seems to be a favourite career change! With rents and yields rising it seems to be a great future investment and many BTL landlords see this is as a worthy pension pot to draw from in future years.
To add to this, there are also the ‘accidental’ landlords. We have seen clients who have moved abroad for varied reasons and as a result have had to let out their own residential homes to enhance their income abroad. There are also those that have decided to let out a room within their current residential dwelling to support their current income.
As a consequence there are often a string of questions that arise along with the usual “….but why can’t we claim for this and that?” We outline below what you can and can’t claim as rental property expenses.