Keeping track of costs as they happen is much easier than finding receipts in January. It also matters more now that Making Tax Digital is starting for landlords.
This tracker logs each property cost as it happens, sorts it into the matching SA105 category and shows totals by category and by MTD quarter.
| Letting agent fees | Legal, management and professional fees |
|---|---|
| Boiler repair | Repairs and maintenance |
| Landlord insurance | Rent, rates, insurance and ground rents |
| Mortgage interest | Residential finance costs (Section 24 credit, not an expense) |
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Costs wholly for the letting, such as letting and management fees, repairs, insurance, ground rent, service charges, accountancy and some travel. Mortgage interest gets a 20% tax credit instead of being an expense.
Not as a yearly expense. Improvements are capital costs, which may reduce Capital Gains Tax when you sell. Replacing like for like is usually a repair.
If MTD applies to you, you need to keep digital records and send updates with software that works with MTD. The tracker organises the figures by quarter so they are ready.
Education, not advice. Rules change and depend on your circumstances. Check GOV.UK and speak to a qualified adviser before you act.