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Questions on Tax on Letting Property
homersimpsons
Posts: 6 Forumite
in Cutting tax
I have doing my tax return for the first time and couldn't figure out some points.
How do I use the wear and tear allowance. I have a loss this year. Would I still be able to use it next year?
And I realized that the home insurance also has family legal protection. Can I claim that as expense? On top of that would any legal protection be tax deductable?
How do I use the wear and tear allowance. I have a loss this year. Would I still be able to use it next year?
And I realized that the home insurance also has family legal protection. Can I claim that as expense? On top of that would any legal protection be tax deductable?
0
Comments
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The wear and tear allowance will just be making the loss greater and yes, you carry the whole loss forward.
You need to ask the insuraer how much of the premium relates to family legal protection and disallow this - it is not tax deductable as it has nothing to do with the letting.£705,000 raised by client groups in the past 18 mths :beer:0
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