Accountant's fees tax deductible?

[nfernand]

Hi,

In May 2010 I acquired a BTL property and rented it out in June 2010 through letting agents. The rental income after agent's deductions is paid into a current account.

For the 2010-11 tax returns due end Jan 2012 I intend to use the services of a professional accountant. I reckon I will continue to use the accountant for the foreseeable future until I decide to dispose of the BTL property.

Can the accountant's fees be deductible from the tax owed to HMRC.

Please advise.

[section 44]

Will the accountant's services relate to the BTL property only or your personal tax position generally (i.e. your self-assessment tax return)?

[nfernand]

Thanks for your reply.

The Accountant's fee will apply to just the BLT property. Hope this will be possible, yet to contact the professionals.

cheers,
norm

[King_Maker]

Yes, your accountant's fee should be deductible in those circumstances.

However, it's deductible from the rent, NOT the tax owed to HMRC.