Property income and expenditure

To prepare your Self Assessment tax return in respect of property income, we will require the following information for each property let during the relevant tax year:

  1. Rental Income – The total gross rent received, including any payments for services provided to tenants (e.g. cleaning, utilities, or maintenance where charged separately).
  2. Letting Periods – The dates the property was let, vacant, or unavailable (e.g. under refurbishment), including details of any changes in tenancy.
  3. Allowable Expenses – A breakdown of expenses incurred wholly and exclusively for the purpose of letting the property, such as:
    • Letting Agent Fees
    • Mortgage Interest
    • Council tax, utilities and insurance
    • Repairs and maintenance
    • Ground rent and service charges
    • Accountancy fees relating to the property letting
  4. Capital Expenditure – Details of any significant improvements or purchases (e.g. a new kitchen, boiler, or furnishings for a furnished holiday let) which may qualify for capital allowances or impact future capital gains tax.
  5. Mortgage Statements – Annual mortgage interest summaries showing the interest paid during the year.
  6. Joint Ownership – If the property is jointly owned, please confirm each owner’s share of income and expenses, and whether this differs from the legal ownership split
  7. Furnished Holiday Lettings (FHL) – If any properties qualify as FHLs, please confirm this along with the number of days:
    • The property was let to the public
    • It was available for letting
    • It was let to the same person for more than 31 consecutive days
  8. New Property Purchases or Disposals – If you have acquired or sold any property during the tax year, please provide details of the purchase/sale date, consideration paid/received, legal fees, and any other associated costs.

We will review the information provided and ensure all relevant income and allowable deductions are correctly reported in line with HMRC guidelines. If there is any uncertainty over whether a cost is deductible or capital in nature, we are happy to advise further.

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