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Rented house trashed - tax year implications?
xeena
Posts: 135 Forumite
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
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
0
Comments
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Is it your personal tax year?
Speak to an accountant for proper advice - they're usually worth every penny you spend on them.0 -
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?0 -
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Yep, sorry, just the one property, and we're not planning on doing it again!
Our tax year is the same as the governments.0 -
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.0
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