ACM Cladding/Timber Balconies replacement - Allowable Expense or Capital Expenditure?

Pennywise

Jeremy535897 said:

You need to ask your accountant whether they made the election to opt out of the cash basis when completing your self assessment tax return. That is what determines how you account for income and expenses. See Box 20.2 of SA105(2020):
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/874009/SA105_English_Form.pdf

Surely the OP just needs to check their copy of the SA return form to see if the box is ticked on the land & property section which will confirm whether the cash basis or accruals basis applies.

Jeremy535897

Pennywise said:

Jeremy535897 said:

You need to ask your accountant whether they made the election to opt out of the cash basis when completing your self assessment tax return. That is what determines how you account for income and expenses. See Box 20.2 of SA105(2020):
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/874009/SA105_English_Form.pdf

Surely the OP just needs to check their copy of the SA return form to see if the box is ticked on the land & property section which will confirm whether the cash basis or accruals basis applies.

I A lot of people don't keep a copy, and if it is filed using proprietary software, it won't be visible online either. Given the rather unusual pattern of receipts and payments, it would be worthwhile raising the matter with the accountant anyway.

Adly812

These charges are normally service charges and a service charge is an expense you would deduct from your rental income. So I would assume yes you can deduct this from your earnings on self assessment as it is an expense. 

Not an expert so don’t quote me but I stand to see it any other way