Top 5 tax deductions

As we approach the tax deadline of the 31st January all our thoughts turn to tax tax tax and minimising our declarable rental profits.  The only game in town is maximising your allowable deductions.  The top 5 tax deductions on average by value are:

1. Mortgage interest (it's only the interest that is deductible).
2. Maintenance costs - repair not improvement costs are allowed.
3. Insurance costs.
4. Professional fees - accountancy, legal, finance.
5. Carrying forward losses - rental losses can be significant and off set against future profits.

For more details on ways to save tax.

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