Hi.
I need to catch up on a couple of tax returns and need to calculate my profit. I'm not an accountant etc so would appreciate some guidance on the deductions allowed and any relevant allowances to minimise the profit. My limited understanding is that the total annual rent less any running costs and fees in the year e.g. mortgage interest, letting agents fees, repairs etc. is the profit. Are there any other 'allowances I can use? Have heard people mention wear and tear?
Thanks in advance.
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