Rental Income

Grz.26

Hi All,

Our Tennant moves in at the start of next week, and I wanted to ask a question.

We are letting her keep the fridge freezer and cooker, plus the washer-dryer. We have lived there for 2 years. Can I use the cost of these domestic items and offset them against my tax return?

poppy10_2

No, you can't

PasturesNew

#2 is spam.

#3 is correct.

bl00dy spam button was getting in the way earlier tonight, now I want to use it the bugg4h's gone.

Anyway - that eejit Eclipsefifi is definitely spam.
Poppy10 is definitely correct ... as always.

Grz.26

Huh. ? But if I took the appliances with me, and bought new ones, can I then offset it?

pete80

You can do one of 2 things, either:

1) Claim the cost of furnishings (think this includes white goods) that you replace after the tenancy has started.

2) Claim the 10% wear & tear allowance instead, this often works out better.
This is 10% of the Rental income less services. If your rent charged is £600 pcm (£7200 per year) and services amounted to £500 per year, you would be able to claim £670 per year for the w & t allowance

DawnW

Pete80 is right. You cannot usually claim for things you do/ put in before the tenant is in situ. This is different from some other types of 'businesses' where set up costs would be allowed. My tax advisor told me this.

It always makes me laugh when you read about 'greedy' landlords on here - I worked it out and it actually costs me for tenants to live in my house :rotfl:

pete80

DawnW wrote: »

Pete80 is right. You cannot usually claim for things you do/ put in before the tenant is in situ. This is different from some other types of 'businesses' where set up costs would be allowed. My tax advisor told me this.

It always makes me laugh when you read about 'greedy' landlords on here - I worked it out and it actually costs me for tenants to live in my house :rotfl:

I found that too Dawn, when base rates went past the 5.5% level plus the tracking percentage it wasn't worth carrying on the business (from an investor point of view)

Would be well off now with base + 0.5% but then the capital would be down.

Tax advisor, now that could be a nice little earner......

Grz.26

Oh right excellent. Thank you for replys. v. interesting. Seems I wont be making any money on this venture, or very little.

clutton_2

you will need PAT certificates annually for each white good

poppy10_2

PasturesNew wrote: »

Poppy10 is definitely correct ... as always.

I talk a load of crap usually

Jomo

I rented out my flat out years ago and was advised not to supply any electrical goods. If they stop working then it is up to you to get them fixed.