Property rental: 10% allowable expense - maintenance & repairs

mrrossi

Hi all

I'm renting out a property and about to the do 'the books' for the first year.

I could have sworn I'd read something that you could deduct up to 10 percent (as an allowable expense/tax deduction) on general maintenance and repairs - without having to specify specific things, and even if you've spent less than 10% - but I cannot for the life of me find this again anywhere.

I know about the 10% allowance for wear and tear; that doesn't apply here as the property is unfurnished.

Perhaps I mis-read this previously and I can only deduct what I actually spent on maintenance and repairs (whether it's more than 10% or not)?

Thanks

Ross (newbie Landlord)

Kynthia

I'm not aware of any other allowance like you're describing. As far as I know there only the 10% wear and tear allowance for furnished properties which can be used instead of deducting replacements.

booksurr

you misread something!
no such allowance
repairs costs must be on the basis of actual expenditure

mrrossi

Aww nuts.

Ok, thanks anyway!

jonathanrolande

I don’t know of this. As far as I am aware you can only allow for actual repairs.

steve2005

I think you are referring to this:

Furnished residential lettings

You can claim 10% of the net rent as a ‘wear and tear allowance’ for furniture and equipment you provide with a furnished residential letting. Net rent is the rent received, less any costs you pay that a tenant would usually pay, eg Council Tax.

https://www.gov.uk/renting-out-a-property/paying-tax