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Wondering whether to renovate makes sense on an promising BTL?
PeteSouthgate72
Posts: 31 Forumite
Hey everyone
I'm considering adding a second BTL property to my portfolio however the property isn't in the greatest of conditions and could do with some work (Updating the Kitchen/Bathroom at least).
If I went ahead on the property and renovations would they be claimable as CGT or would they be allowable expenses considering I'm buying the items (Dated Kitchen/Bathroom) within the property as part of the property price? I've got little experience with BTL and taxes but I understand if I'm replacing like for like then things should come under allowable expenses.
Any advice would be appreciated
Pete
I'm considering adding a second BTL property to my portfolio however the property isn't in the greatest of conditions and could do with some work (Updating the Kitchen/Bathroom at least).
If I went ahead on the property and renovations would they be claimable as CGT or would they be allowable expenses considering I'm buying the items (Dated Kitchen/Bathroom) within the property as part of the property price? I've got little experience with BTL and taxes but I understand if I'm replacing like for like then things should come under allowable expenses.
Any advice would be appreciated
Pete
0
Comments
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i only ever did work/improved on my rental's if it was a necessity. My target tenants/area would not pay any more / or less if there was a new kitchen lol
https://forums.moneysavingexpert.com/discussion/3841253/capital-gains-tax-deducting-costs-for-improvement
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