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Rental expenses?
ben100000
Posts: 73 Forumite
Currently doing my taxes for my rental property. I recently had a switch over to new tenants but before they moved in I had to make a few repairs. I changed the extraction hood filters & also bought some silicone for the shower along with a scraper. Question is which of these can I actually put down on my expenses? Also when I first bought the property before the first tenants moved in I had a gas safety certificate done can I put this down as an expense even though they had not yet moved in?
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Comments
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Buy a book on property tax. A landlord may pay over 10 types of tax, just worrying about income tax may mean you pay more elsewhere.Buying & reading the book will save you more time & effort than buying and reading does. e.g (there are others..)- you want the 19/20 version not 20/21 assuming you're doing tax year 19/20.Think about what records you want for CGT and/or IHT when you eventually sell it or drop off the perch.. (eg legal etc expenses when buying...)
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Yes.ben100000 said:Currently doing my taxes for my rental property. I recently had a switch over to new tenants but before they moved in I had to make a few repairs. I changed the extraction hood filters& also bought some silicone for the shower
Yes.along with a scraper.
More borderline. But in itself, this isn't the kind of expense that'll ever be queried. If you bought several hundred pounds worth of powertools to do a job that just happened to be on the rental property, though, it may get questioned.Also when I first bought the property before the first tenants moved in I had a gas safety certificate done can I put this down as an expense even though they had not yet moved in?
You do know it's a legal requirement to get a GSC every year, right...? (But, yes.)1 -
Does the total come in under or over the £1000 allowance you can claim instead?ben100000 said:Currently doing my taxes for my rental property. I recently had a switch over to new tenants but before they moved in I had to make a few repairs. I changed the extraction hood filters & also bought some silicone for the shower along with a scraper. Question is which of these can I actually put down on my expenses? Also when I first bought the property before the first tenants moved in I had a gas safety certificate done can I put this down as an expense even though they had not yet moved in?The world is not ruined by the wickedness of the wicked, but by the weakness of the good. Napoleon0 -
You do know it's a legal requirement to get a GSC every year, right...? (But, yes.)AdrianC said:
Yes.ben100000 said:Currently doing my taxes for my rental property. I recently had a switch over to new tenants but before they moved in I had to make a few repairs. I changed the extraction hood filters& also bought some silicone for the shower
Yes.along with a scraper.
More borderline. But in itself, this isn't the kind of expense that'll ever be queried. If you bought several hundred pounds worth of powertools to do a job that just happened to be on the rental property, though, it may get questioned.Also when I first bought the property before the first tenants moved in I had a gas safety certificate done can I put this down as an expense even though they had not yet moved in?
Yes I do have yearly gas certificates done.0 -
Have you sorted an EICR report yet ?
Is the EPC. In date and A to E rated ?0 -
Comes in way under £1000.Hasbeen said:
Does the total come in under or over the £1000 allowance you can claim instead?ben100000 said:Currently doing my taxes for my rental property. I recently had a switch over to new tenants but before they moved in I had to make a few repairs. I changed the extraction hood filters & also bought some silicone for the shower along with a scraper. Question is which of these can I actually put down on my expenses? Also when I first bought the property before the first tenants moved in I had a gas safety certificate done can I put this down as an expense even though they had not yet moved in?0 -
Then why bother,
Just claim the £1000?The world is not ruined by the wickedness of the wicked, but by the weakness of the good. Napoleon0
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