expenses vs wear and tear allowance on rental property

leucite

Hi, I am confused (as usual) regarding the differences between general expenses for furnished rented property and the wear and tear allowance of 10%. Last year I replaced the windows, which were rotten, plus a lot of furniture, can I claim the costs of this in addition to the wear and tear allowance? If the expenses are more than the 10% can I claim them instead of the allowance if it's an either/or situation?

Any help to get these questions answered before the end of Jan deadline gratefully received!

ctm_2

leucite wrote:

Hi, I am confused (as usual) regarding the differences between general expenses for furnished rented property and the wear and tear allowance of 10%. Last year I replaced the windows, which were rotten, plus a lot of furniture, can I claim the costs of this in addition to the wear and tear allowance? If the expenses are more than the 10% can I claim them instead of the allowance if it's an either/or situation?

Any help to get these questions answered before the end of Jan deadline gratefully received!

Due to the looming deadline, the best way to get the correct advice straight away would be to ring up or visit your tax office and ask them.

sophistica

Hi
I have a rental property and I have just replaced rotting windows too! The situation is this ...the 10% wear and tear applies to furniture and furnishings e.g. carpet, curtains, beds, furntiture. Repairs to the general fabris of the building can be claimed in addition, against rental profits but they must be repairs and not improvements e.g. you can't replace single pane windows with new, enhanced double glazed units - it needs to be like for like if you are going to the letter of the law and always make sure you get a receipt for a "repair" or a "replacement".