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The Book-keepers Forum -> Welcome to The Book-keepers Forum! -> Expenses for a new rental property
Post Info TOPIC: Expenses for a new rental property
Hani


Member

Status: Offline
Posts: 13
Date: Mon Jan 16 21:59 2012
Expenses for a new rental property
 

I need to draw up a p&l for a property that has recently started letting. the property has been redecorated and new appliances fitted and improvements made in the kitchen.

I would like to know if i can put through all the expences as 1 figure under repairs or if theres any other way.

I do know about the 10% wear and tear off the net profit but its a very low figure to the cost of the renovation.

please help as the deadline for the tax return is soooo closeno



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freedomresources


Member

Status: Offline
Posts: 23
Date: Mon Jan 16 22:26 2012
 

Hello

If the costs are capital they cannot be claimed in the income and expenditure account. Here is a link for allowable expenses :http://www.uklandlordtax.co.uk/allowable_expenses_against_rental_income.php


Hope this helps!

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Hani


Member

Status: Offline
Posts: 13
Date: Tue Jan 17 18:33 2012
 

thank you- i will check the link out.

The renovation was just redecorating and replacing old for new

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