There are allowable expenses against rental income, where the expenditures are revenue expenses and capital expenses. A tax deduction is allowed for certain revenue expenses. Here are a few examples of the type of allowable rental expenses: Insurance costs, advertising costs, repairs and general maintenance, accountancy fees relating to rental income, cleaning and related costs, water costs, waste collection charges, etc. The costs listed above can be used to reduce your taxable rental income.
For capital expenses, no deductions are given for income tax purposes. But an allowance for the cost of furniture is given by way of capital allowance. Each item of expenditure examined should be examined separately to determine if it is allowable as a deduction.
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