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Attrbutable costs for calculating profit from property
Bluejam
Posts: 16 Forumite
in Cutting tax
Further to my CGT thread (http://forums.moneysavingexpert.com/showthread.html?t=1254603), I am trying to ascertain as to whether the replacement of electric strorage heaters (they stopped working) and an electric fuse box (which caught alight as I happened to be routinely visiting the flat!) box can be classed as a maintenance and repairs as far as the self-assessment of property income is considered?
I see these elements (pardon the tenuous pun) as being essential to being able to let out the property, so understood they could be deducted. One I am not as sure or confident about is the replacement of a broken washing machine (there was a working one in the flat when I rented it out initially)?
If these can't ba answered specifically, is there a resource (I'm finding it diffucult to search the HMRC website) that provides a definitive or extensive list of what can be considered attributable costs?
Any help appreciated.
Regards,
Bluejam.
I see these elements (pardon the tenuous pun) as being essential to being able to let out the property, so understood they could be deducted. One I am not as sure or confident about is the replacement of a broken washing machine (there was a working one in the flat when I rented it out initially)?
If these can't ba answered specifically, is there a resource (I'm finding it diffucult to search the HMRC website) that provides a definitive or extensive list of what can be considered attributable costs?
Any help appreciated.
Regards,
Bluejam.
0
Comments
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The two items you mention would count as repairs as they are renewing things which already existed as part of the property. The replacement washing machine would be included in your 10% wear and tear allowance. there is no definitive list as all letting are different and depends on the circumstances of the property.£705,000 raised by client groups in the past 18 mths :beer:0
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