Insurance News Archive

Buy to let insurance holders 'must be tax efficient'

Posted by Michael Brown

It is crucial that buy to let insurance policyholders make certain that they are currently tax efficient, an expert has claimed.

Paragon Mortgages has published a Buy-to-let Tax Guide designed to highlight the tax rights and responsibilities of landlords.

Among the costs that can be deduced are mortgage interest, water rates and insurance, as well as service charge, council tax and legal fees.

Accountancy fees, repairs and maintenance and management or letting agent fees can also be reclaimed by buy to let insurance policyholders.

John Heron, managing director of the organisations, has claimed that this is a highly complex area which is vital.

He said: "Good tax planning is key, particularly as buy to let landlords are on the tax man's radar. How you implement, manage and run your tax affairs could have a major impact on your property investments and their financial profitability."

Earlier this month, the Leasehold Advisory Service warned that many have to seek advice over the complications of leaseholding.

30 Apr 2010