13:37 PM, 14th June 2011, About 10 years ago 1
Many landlords surveyed by Paragon could save money on tax, they’ve found not all were as efficient as they could be.
Of those questioned, less than half are claiming their advertising (45%), transport costs to visit your property (49%) and on any energy efficiency improvements (41%) as tax allowances.
The figures show big deficits in the people deducting management and letting fees from their income tax, 37% of landlords don’t claim on their legal or accounting fees either.
Nearly 10% of landlords aren’t claiming on their insurance and 13% aren’t on their mortgage interest. Strangely, 5% don’t claim on their repairs and maintenance but a massive 34% don’t on wear and tear.
Paragon has created a guide for landlords with Perrys Chartered Accountants which is available through their website, lifting the lid on tax and sure to save landlords money.
Nigel Terrington, Paragon’s Chief Executive, says: “Good tax planning is key. How landlords implement, manage and run their tax affairs could have a major impact on landlords’ property investments and their overall performance.
“Tax is a complex area and we are confident that our Tax Guide will help landlords obtain a better grasp of tax matters. It’s vital that landlords take advantage of the allowances open to them to maximise their return on investment.”
To download your own copy, click here
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