Do the IR ask for receipts for repairs/work to property being let out

LEP

Had some work done earlier this year: replacement shower, boiler fix + service

I cannot find the invoice receipts for this work though. The total came to £195.

I have never filled out a tax return form but wondered if they would ask for receipts for such work?

Thanks

Werdnal

In 12 years of letting, I have always done annual self-assessment, and never been asked to inspect my accounts, but apparently the HMRC can random check, so always best to keep valid receipts for every expense you claim for.

When you say you have "never filled out a tax form" - have you not completed a year's rental yet, or have you never declared the income?

ognum

I also have never been asked for a receipt but do keep all receipts both for income tax and for capital expenditure in order to reduce capital gains tax when I sell.

I do not do my own tax return but claim against tax for the services of my tax accountant. I write out a list of expenditures for them and also give them sight of all receipts in case there is any item that they are aware of that is/ or is not deductible that I do not know about.

I seldom pay much tax on my rental income despite having no mortgages because I would prefer to do work on the properties than pay tax!!!

LEP

Werdnal wrote: »

In 12 years of letting, I have always done annual self-assessment, and never been asked to inspect my accounts, but apparently the HMRC can random check, so always best to keep valid receipts for every expense you claim for.

When you say you have "never filled out a tax form" - have you not completed a year's rental yet, or have you never declared the income?[/QUOTE]


I've been dodging for about 10 years now but thought I better start paying my way as the country is a bit skint...........nah, only joking.

I only started letting out my property earlier this year.

theartfullodger

ognum wrote: »

....

I seldom pay much tax on my rental income despite having no mortgages because I would prefer to do work on the properties than pay tax!!!

Ognum: That's an awful lot of repairs then, clearly if claiming expenses against tax the work can't be an improvement....

http://www.hmrc.gov.uk/manuals/pimmanual/pim2020.htm

ognum

theartfullodger wrote: »

Ognum: That's an awful lot of repairs then, clearly if claiming expenses against tax the work can't be an improvement....

http://www.hmrc.gov.uk/manuals/pimmanual/pim2020.htm

thanks for this dodger but as you are aware there are other allowable costs as well

Letting agents fees
Flat maintenance charges
Insurances
Etc

I would rather replace carpets and redecorate in a rental than pay tax!

theartfullodger

ognum wrote: »

thanks for this dodger .......

Lodger not dodger... or was that a Freudian slip to do with someone dodging???

Doesn't sound right, that little or no profit made without any mortgage interest charges... to most landlords that would sound, well, implausible or non-viable...