Hi, I’m new to this forum and new to being a private landlord (single property). I am letting unfurnished but am renting a storage unit to keep the property’s furniture in, should a future tenant want part-furnished. Can I offset the cost of this storage against the rental income? Any advice welcome, thank you.
Storage connected to running your business as a landlord can be set against tax
Thanks Colin3. I’m not registering as a business, but an individual letting a second home. Does that still apply?
I am not registered as a landlord business but All income as expenses i hand over to my accountant .I claim for any fees such as repairs, association fees , council taxes, tradesmen, .I do not store furniture ,as I always rent out unfurnished, However If say you had a big container or a storage space that you rent as a storage for furniture SOLELY for tenants, this is an expense you can set against tax
Thank you - much appreciated
As someone who spent over £200 a month on a self storage unit for 18 months to store furniture when we moved home, only to find later that it was too big for our new property and was all ebayed for less than the cost of the storage unit, I would urge you to check whether the furniture is worth storing. The costs mount up very quickly.
Thanks David122 - the house we’re letting is my husband’s former home, before we were married, so all the furniture, etc is his. We have no room for it in our family home he but he wants to hold on to it in case we need to re-furnish the let house for any reason. I’m with you - I’d rather let it go, save the money and buy what we need, when we need it! But in the meantime …