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Posted Wed, 18 Jan 2023 14:21:44 GMT by Apdo Djorge
I own 2 small flats (shared ownership) which are let to tenants on a long term contract. Since I work far from both flats, I live on a rented property which is near my work. I am wondering if I can somehow utilize totally or partially my rental expenses (the amount I pay to my landlord or any other related expenses) to net-off the revenue I receive from the properties I rent out to the tenants. Thanks for the clarification.
Posted Fri, 20 Jan 2023 17:19:44 GMT by HMRC Admin 20
Hi Apdo Djorge,

I would advise that as the expenses of renting a property for yourself were not incurred wholly and exclusively for the business, it would not be an allowable expense as this may be deemed as a personal expense.
More information regarding "wholly and exclusively" can be found on BIM37007 - Wholly and exclusively: overview

Thank you.

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