Sarah Bradford explains how using simplified expenses for vehicle costs can save work.
Most people would prefer to spend less time dealing with administration, and landlords are no exception. When it comes to working out what expenses a landlord can deduct in calculating the profits of their property rental business, there are ways to save work.
Using simplified expenses can save a lot of time and removes the hassle of working out the deductible amount based on actual costs. It is prudent to compare the tax deduction available using both methods to ensure that the best overall result is obtained. However, even if a higher deduction is available by reference to actual costs, it may still be preferable to use simplified expenses when the time savings are taken into account.
Unincorporated landlords have the option of using mileage rates