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Include Sold/Let Properties? Yes No

Landlords take note, looking good is tax deductible.

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Published: 23/05/2016   Last Updated: 29/06/2016  
Author: Jenny Narloch    Tags:

It is the busiest time of the year for the London rental market, and small changes can make all the difference when it comes to securing high-value tenancies.

 

Rachel Hanniquet-Brooking, a member of the Association of Residential Lettings Agents (Arla), recently commented:  

“We’re definitely seeing a turn to the European model where renting is the norm, and for many people a deliberate choice. Landlords need to maintain and invest in their properties in order to see rent increases but some expect them to go up as standard. Tenants nowadays will move out and go and get somewhere else if the property they’re renting is not up to it. We’re in a complaint culture now; as Brits we used to shy away from it – now we demand better for our money."

As one of London’s leading lettings agent, Ellisons knows that it is vital to have your property looking its best when the market begins to flood at this time of year. 

Deduct fees, furniture and fridges

Rental yield is the all important value for London landlords, and too few realise that improving their property need not damage their bottom line - and in fact it can improve it. 

Buy-to-let landlords have always been able to deduct the cost of repairs from their taxable income, says Hartley Fowler Accountants. Since April 2016, however, they have also been able to deduct the costs of replacing furnishings within the property.  Carpets, curtains and white goods are included within this category, so there’s no excuse for not sprucing up your property to raise its value and generate greater year-on-year income. Better still, letting and management fees are deductible, as are legal costs and ground rent. 

Rachel continues: "A good Lettings agents will emphasise to landlords the importance of maintenance and of getting a professional to manage their property. A lot of people still think they can buy a property in London, rent it out and sit back and make some easy money. People are entertaining at home more now so they want nicer and bigger places to do it in. The home has become really important.” 

To benefit from the professionalism of an ARLA qualified Lettings agency and get the best advice on how to maximise the rental value on your property, please contact our experienced Lettings Manager Jenny Narloch today 020 8944 8626 or lettings@ellisons.uk.com