We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Cost of Commercial Property SA
Scots
Posts: 149 Forumite
in Cutting tax
My main business is Self Employed Taxi owner operator. As an aside I own a commercial property which I bought in 2011. Since then I've rented it out to various people and on SA put the rent received minus any repair costs and insurance. Recently I decided to convert the premises into a service bay for my taxi vehicle. So now I don't have any rent coming in but I'm wondering if I can put the initial cost of the property against my income or at least some of it, a portion to reduce tax due.
I paid for the place fully in cash in 2011. There is no mortgage or loan payments and it is jointly owned with my wife.
TIA
I paid for the place fully in cash in 2011. There is no mortgage or loan payments and it is jointly owned with my wife.
TIA
0
Comments
-
potentially you can claim capital allowances on the commercial property
go see an accountant as the rules are involved0 -
potentially you can claim capital allowances on the commercial property
go see an accountant as the rules are involved
Just been reading up and there are some fairly complicated rules. And my type of property and value suggest it would not be worth the effort / risk.
I'll just leave it, but thanks for your help0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards