Landlords are failing to ensure they are tax-efficient, specialist lender Paragon has claimed.
It says its research, when it quizzed 200 landlords, shows that many are failing to claim the full range of tax allowances available.
For example, Paragon’s research shows that more than one in ten landlords (13%) are not claiming for mortgage interest. One third don’t claim management or letting agent fees, and 55% of landlords are not claiming for advertising costs incurred in letting their property.
Some forget to claim for insurance costs, legal and accountancy fees, and the cost of visiting their properties.
Paragon’s Tax Guide (prepared in association with Perrys Chartered Accountants) can be downloaded from www.paragon-mortgages.co.uk
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All buy-to-let landlords can claim a tax break as a percentage of their purchase price, on top of ALL the other allowances described above. Please don't hesitate to contact me by email to further discuss.