Rewire and GCH in one bed flat (Edinburgh)

somethingcorporate

It is utter nonsense. You cannot claim it all back, it just reduces your taxable income.

Income is £12k costs are £0k tax due is calculated on the £12k and suppose I am a 20% tax payer the tax due is £2.4k so net income of £9.6k.

Income is £12k costs are £5k tax due is £1.4k plus the £5k outlay so net income of £5.6k.

How are they the same just because I can offset some costs against my income?

Clearly you are not a landlord.

brightontraveller

somethingcorporate wrote: »

It is utter nonsense. You cannot claim it all back, it just reduces your taxable income.

Income is £12k costs are £0k tax due is calculated on the £12k and suppose I am a 20% tax payer the tax due is £2.4k so net income of £9.6k.

Income is £12k costs are £5k tax due is £1.4k plus the £5k outlay so net income of £5.6k.

How are they the same just because I can offset some costs against my income?

Clearly you are not a landlord.

Clearly your not an accountant as you wouldn’t be a 20% tax payer:rotfl: Ive already said multitude of ways if you believe everyone pays the same,claims the same etc that’s fine but its simple not the case? and I've never said 100% check the post ???? other than possibly grants

Ginkfish

brightontraveller - you need to re-read your original reply - either you've misworded it or lost the plot.

You said: "find out what’s tax deductible to an extent if its all deductible quotes they give are immaterial your not paying for them"

You're insinuating that the tax man is paying for the work to be done. This is NOT the case, even if it's 100% tax deductible.

The ONLY way the quotes would be immaterial is if you were being given a grant for the work to be done.

aggypanthus

phill99 wrote: »

The most expensive cist if the GCH is bringing the gas in from the hallway. This will haveo be connected to a meter and only Transco (or whatever they are called now) can do this. You need to check that your quotes include rhis.

The only thing you can do is to get other quotes to see if the prices are comparable.

It really isn't expensive, as the pipe is so close and no ground work required, then the chosen gas supplier fit a free meter.
we have done this twice, SGN are the company in Scotland. Assisted Connections for tenants on benefits, inc wtc.

andyhop

Last time we have a tenement connected to mains gas in the stairwell in Edinburgh price was circa £800 by SGN

brightontraveller

Ginkfish wrote: »

brightontraveller - you need to re-read your original reply - either you've misworded it or lost the plot.

You said: "find out what’s tax deductible to an extent if its all deductible quotes they give are immaterial your not paying for them"

You're insinuating that the tax man is paying for the work to be done. This is NOT the case, even if it's 100% tax deductible.

The ONLY way the quotes would be immaterial is if you were being given a grant for the work to be done.

:wall: Your interpretation......?

Zoology_Dragon

Thanks for the useful comments.

There is no freeholder so that's one less thing to worry about.

Our project manager is currently getting more quotes and has assured us that the £5k quote (GCH) and £3k (rewire) are not typical prices for the area. And as Phill99 said, it's not tax deductible.

somethingcorporate

brightontraveller wrote: »

Clearly your not an accountant as you wouldn’t be a 20% tax payer:rotfl: Ive already said multitude of ways if you believe everyone pays the same,claims the same etc that’s fine but its simple not the case? and I've never said 100% check the post ???? other than possibly grants

Well that's exactly what you said - bolded below.

brightontraveller wrote: »

It’s a rental property you make money on you simply need to find out what’s tax deductible to an extent if its all deductible quotes they give are immaterial your not paying for them

I also said suppose I am a 20% tax payer for simplicity of the calculation. I made all the numbers up.

I am a 40% tax payer (if you check out the list my job and wage thread you can see how much I earn) but for my made up example I don't see how it is remotely relevant.

You still need to do a bit more research!

fluffpot

bear in mind that just because it's a small flat, doesn't make it automatically cheaper. Working in a small space with not much room takes longer (and is therefore more expensive) than working in a place with more room

Zoology_Dragon

We were basing our feeling that it's too high on nationwide standard pricings for re-wiring and installing GCH. Plus the quotes we've had are higher than central London quotes for the same work. It's all a bit strange.