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Post Info TOPIC: How to record letting agent fees
Danieltjones


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How to record letting agent fees
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Hello

I rent a property for £325 a month.

My agent takes 15%.

And this month a £75 finders fee

Do i record it as income £325 and then costs of £48.75+£75 or do i ignore the expense and just record an income of £201.25

He get the rent transferred to his account, and then transferred £201.25 to mine.



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RobH


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Hi Daniel, record the gross amount of rent received and the expenses separately. If it's a furnished property and you are not claiming capital allowances then don't forget your 10% wear and tear allowance. Your agent seems a bit on the pricey side? Normally frim what I've seen they charge between 10% to 12% (and most charge VAT so don't forget that if it has been charged!)


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Rob
www.accounts-solutions.com
Danieltjones


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It is a HMO so they seem to be more pricey. It is our first time and he was a friends recommendation so I thought I could either pay somebody I'd never heard of a few percent less and they may turn out rubbish and cost me more in the long run.

 

Thanks for the 10%. I already knew but I appreciate your suggestions. :)



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