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Every landlord wants to save money when it comes to renting out property. Here, we show you some top tips for saving money on rental property.

Shopping around for tradespeople:

When it comes to keeping the property maintenance, the cost soon adds up – particularly if you have more than one property.

Shopping around for tradespeople is the first good way to help save money, always ensuring you get a few quotes and not to accept the first quote you receive, references are a bonus too.

MyBuilder allows you to search for local tradespeople in your area who are trusted, you are able to read reviews other people have left on the tradespeople.

Choosing the right insurance policy:

Ensuring you have the right insurance policies is one of the most essential steps to save money. There are many types of polices from covering the property and its content to rent guarantee or unoccupied property insurance.

Make sure you have the correct insurance for your property and circumstance and always shop around for renewal quotes and don’t be afraid to haggle with your current provider at renewal.

Review your mortgage on a regular basic:

Mortgage payments are probably your most expensive outgoing. You should look to review your buy-to-let mortgage on a regular basic this is to make sure you are getting the best deals. The better deal you get on your mortgage, the more profit you are going to pocket.

This doesn’t necessarily mean switching to a new provider, it means you might be able to negotiate a better rate with your current lender, which may be less of a disturbance.

Claiming expense on your tax return:

As a whole Landlords are able to claim the expenses of running and maintaining their property. If the rent you charge includes services such as council tax or water rate, you’ll need to ensure you include these payments as your income. However, you can claim these costs as an expense. Making sure you claim these back as an expense will help you save money.

Here are the most common types of expensive you can deduct:

  • Direct costs like phone calls, advertising (finding new tenants), stationery
  • Service charges, rents and ground rents
  • Legal/Accountant/letting agent fees
  • Water rates, gas & electricity and council tax
  • Mortgage interest

Using Tax software to file your self-assessment:

GoSimpleTax is an innovative tax calculator, built to clarify what you’re able to claim, and submit your Self Assessment or corporate tax return directly to HMRC.

All the specifics of landlord expenses are included within it, and the cloud-based software offers tailored tips and guidance as you go. Take advantage of our free 14-day trial and your exclusive Upad discount, when you subscribe to the Upad Landlord Club, to find out what a mobile solution can do for your business.

Find out more about the Upad Landlord Club

 

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By Sandra Mpouma
01 Nov 2018

Categories: SimpleTax, Tax, Property Management

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