What expenses are incurred when renting?

[up4it]

If I rent out a property for say �700 pm how much of this can I expect to receive net?

I assume there will be Agents Fees, Insurance, Tax, NI and presumably more expenses?

Also what deductions can I claim to reduce the amount of tax etc. paid?

I have no idea on this and am looking for a rough guide of expenses/deductions so I can plan accordingly

[Kathyan]

We rented out our property 7 years ago and the rent was �400. We paid 10% of this for the letting agent and around �11 per month for letting insurance. We were allowed 10% for wear and tear for tax purposes and repairs are deducted as well. As we have a joint mortgage we were taxed on half the rent each. So, as I didn't work at the time, my half was tax free! Hope this helps.

[R1Geezer]

Agents fees can be from 5 - 15% + vat. But in reality an agent will let the place based on what you want if they can so if you want �700 they'll let it for �770 for example.

For tax purposes just use what you get after agents fees.
Take all the income from the property deduct all the expenses, repairs etc etc including any interest on borrowings. That is the net income if any. That will then be added to your earnings for the tax year concerned. It depends on how much is left after exes but it will probably be necessary to fill in a tax return. That has to be in 10 months following the end of the tax year concerned. For example I let a property but paid no tax because effectively it was just so I could pay the mortgage on the place so most of the rent was eaten in Interest and the rest was repairs etc. Hope this helps