Self assesment query claiming back expenses on a rental property with a consent to let

VT41

Question regarding self assesment tax and claiming back expenses on a rental property that has a consent to let with an total income amount of £1950

Given that I have a consent to let, can I claim back the legal fees of when I purchase the property? Note I lived in it prior to renting it out

I am trying to workout whether it is better to claim The property income allowance of £1000 as my expense otherwise would be lower than £1000, if I include legal fees it would be more.

Any help appreciated

NotSureWhichUsername

I think you’re comparing apples with pears here...

Property purchase costs for the property would form part of your expenses for capital gains tax (if you sold the property.) I don’t think they’d be allowable expenses against rental income which you’d declare for income tax purposes. 

silvercar

I'll move this to the tax board.

Bookworm105

no you cannot claim costs associated with purchasing the property
as said above, they are costs for CGT not part of your annual rental costs 

sounds like the £1,000 property allowance will be better for you