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Can someone explain to me how to use the 10% wear/tear allowance.
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safeguard
Posts: 30 Forumite
I'm confused by the the 10% wear and tear allowance. I have a buy to let property which is fully furnished and on which I pay all the bills. If something breaks down or is damaged, I pay for it in total and never charge the tenant as I class this as fair wear and tear and not the fault of the tenant. Obviously, I live in a home myself and I know that it's impossible to live without damaging, breaking wearing something out. So it shouldn't be any different for a tenant.
But I don't understand how the 10% wear and tear allowance on the tax return form works. I already offset the expense of repairing or replacing damaged items against my tax payments. Does the 10% allowance give me an automatic right to claim back 10% of rental earnings? I'm totally confused by this? Can anyone help?
But I don't understand how the 10% wear and tear allowance on the tax return form works. I already offset the expense of repairing or replacing damaged items against my tax payments. Does the 10% allowance give me an automatic right to claim back 10% of rental earnings? I'm totally confused by this? Can anyone help?
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