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Hot tip on saving tax

Tax can be a bit of a dry subject at the best of times. So here at Property Hawk we like to inject a bit of humour, which reminds me.

I was going out yesterday evening and just as I was leaving I shouted up to the wife “ get your coat on love, I’m going out to the pub” she replied “oh that’s nice dear, am I coming too”. “No” I replied “I’m turning the heating off…”

As we all know, keeping anywhere warm these days is a pretty pricey business. The average heating bill has sky rocketed with research indicating that Powergen’s gas prices are up 95% and electricity is 62% ahead in 3 years since January 2004.

It’s good to know that as landlords we can turn this to our advantage and actually save more money out of these rises. How?

Most investors do their admin at home. The result is that you can claim a proportion of your household bills as an expense in running your business – the taxman effectively treats this as you using your home as your office. What can I claim? Generally, the size of your claim is based on the proportion of the number of rooms used, excluding bathrooms and kitchens.

For instance Tom runs his property business from one of his bedrooms. The apartment also contains a living room, kitchen, bathroom and two bedrooms. Tom therefore has three rooms, which count in his calculations. He can therefore claim a third of his bills as a business expense. These include gas, electricity, council tax, general repairs and insurance. So don’t forget to include these in your next tax return, which can all be done automatically using the Property Manager. Here at Property Hawk we like to find landlords a ‘silver lining’ where we can!


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