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Rented house trashed - tax year implications?

I've just got my house back today from tenants and it is in a horrific state. I can't see us letting it again in the future - we'd rather get it back up to standard and sell it.

The thing that worries me is that we're almost at the end of the tax year, and our expenditure is going to fall into next tax year, and we then won't have any rent income to set it against?

What can we do? Do we need to get as much of the expenditure in before April 5th? And anything past that date won't be offsettable?

Many thanks :)

Comments

  • poppysarah
    poppysarah Posts: 11,522 Forumite
    Is it your personal tax year?

    Speak to an accountant for proper advice - they're usually worth every penny you spend on them.
  • N79
    N79 Posts: 2,615 Forumite
    xeena wrote: »
    I've just got my house back today from tenants and it is in a horrific state. I can't see us letting it again in the future - we'd rather get it back up to standard and sell it.

    The thing that worries me is that we're almost at the end of the tax year, and our expenditure is going to fall into next tax year, and we then won't have any rent income to set it against?

    What can we do? Do we need to get as much of the expenditure in before April 5th? And anything past that date won't be offsettable?

    Many thanks :)

    But the expeniture can be carried forward, as necessary, to offset against a year in which you do have rental income - so whats the problem?
  • xeena
    xeena Posts: 135 Forumite
    N79 wrote: »
    But the expeniture can be carried forward, as necessary, to offset against a year in which you do have rental income - so whats the problem?
    That I'm not anticipating having any more rental income.
  • N79
    N79 Posts: 2,615 Forumite
    xeena wrote: »
    That I'm not anticipating having any more rental income.

    Ah - you did not mention that in the original post.

    Edit: I interpreted your original post as applying to just this 1 property. Clearly this 1 property is also your whole portfolio - hence your problem.
  • xeena
    xeena Posts: 135 Forumite
    Yep, sorry, just the one property, and we're not planning on doing it again!

    Our tax year is the same as the governments.
  • GarySt_2
    GarySt_2 Posts: 39 Forumite
    Xeena
    Dont give up. Not all tenants are bad. 13 years letting 30 properties I have had just one legal eviction, a couple by other means, a few messes to clear up but hundreds of good tenants. You have been unlucky this time. Try again and at least you can offset these costs against your tax for the year. Think of your pension.
    Good luck.
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