For those burning the midnight oil to meet the 31 January deadline, let us help with a few tips on how you can offset your tax liability -
1. Wear & Tear allows for a 10% offset on furnishings or net value replacement on furniture, white goods, etc.
2. The replacement or repair of fixtures and fittings comprising an integral part of the property such as boilers, baths, etc. can be reclaimed.
3. Repairs of any and every kind on the interior and exterior of your property.
4. Business mileage claim is also allowed if you use a vehicle to attend to work relating to your rental property.
5. Advertising is not cheap and can be offset against income on your tax return.
6. Energy Saving Allowance of up to £1500 is available to cover cost of loft insulation, draught excluding, etc.
7. Have a look at the statements sent out each month by your friendly Martin & Co office staff - just in case you've forgotten something you can add to your return and save you cash.