I'm renting out a property I have a mortgage on. I relocated for work 3 years ago and am renting a property myself where we now live. So I'm not an invester The rent doesnt cover the mortgage in any way but the property is in negative equity and we have good tenents so I want to hang onto it for a few years. I've got an accountant to do the returns the past two years but have decided to do it myself this year.
I've never claimed for wear and tear of the household appliances etc before and would appreciate any help or guidance. I have the contents of the house insured at 20000. Would it be acceptable to claim 12.5% of this as a deduction?
Is there anything else I could claim for - travel to and from the property for inspections?
Would really appreciate any input to minimise the cost. Know about insurance, mortgage protection, expenses like getting chimney cleaned, mortgage interest...
I've never claimed for wear and tear of the household appliances etc before and would appreciate any help or guidance. I have the contents of the house insured at 20000. Would it be acceptable to claim 12.5% of this as a deduction?
Is there anything else I could claim for - travel to and from the property for inspections?
Would really appreciate any input to minimise the cost. Know about insurance, mortgage protection, expenses like getting chimney cleaned, mortgage interest...