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Where Taxpayers and Advisers Meet

Bank Charges Allowable Expenses forTax Purposes?

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anjo56
Posts:36
Joined:Wed Nov 29, 2017 8:27 pm
Bank Charges Allowable Expenses forTax Purposes?

Postby anjo56 » Sun Jan 21, 2018 6:03 pm

Hi
Am finalising my Self Assessment. Can I include any bank/overdraft charges as expenses to be set against rental income?
Thank you.
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bd6759
Posts:4267
Joined:Sat Feb 01, 2014 3:26 pm

Re: Bank Charges Allowable Expenses forTax Purposes?

Postby bd6759 » Mon Jan 22, 2018 12:40 am

If the account is used solely for your rental business, then yes. If it is your personal account, it may be more difficult to show that it is a business expense.
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anjo56
Posts:36
Joined:Wed Nov 29, 2017 8:27 pm

Re: Bank Charges Allowable Expenses forTax Purposes?

Postby anjo56 » Mon Jan 22, 2018 9:32 am

It is a dedicated account purely receiving rent and funding property expenses. Thanks very much for the reply.
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