Rent/taxation question. for the experts.

You will need to fill out a self assessment form for the property business and any other income.

You will be allowed to offset expenditure against income, wholly attributable to the property. So legitimate claimable expenditure would be, for example: - Agents fees to let the property, maintainance, legal fees (but they're are vagaries with new leases), insurance (though that is normally recovered from the tennant), cost of serving section 25 notices on renewal of lease, cost of the compulsery energy efficiency survey, asbestos survey, the business rates on voids et al.

The costs you have incured in acquiring the property would be unlikely to qualify as expenses.

There is a dividing line between capital expenditure and maintainance which you need to understand. If you built an extension to the property that would be a capital expenditure, which no longer qualify for any reliefs. Though if the property is in a qualifying area there may be some grants available. If you ripped out the heating system and put a new one, you would normally be able to offset the cost against the rental income.

As an aside what on earth possessed you to get involved in commercial property. The sectors as dead as a dodo, the expenses are horrific, pressure on rents is ever downward and 'good' tennants as rare as hen's teeth.

CAN GAMBLING LOSSES BE OFFSET AGAINST TAX?

BE GOOD LOL.

SINCE GOT THESE PROPERTIES INCOME HAS GONE UP, NEED TO FIND A GOOD INVESTMENT FOR IT ALL.