Buy to Let Tax/What costs can be offset against tax

clutton_2

i did mine in july last year - its why my accountant gives me such a great price ........

Cook_County

I love this website - but it is only that - so oversights will creep in. For example, several of the contributions in this thread refer to expenses paid - but this is not relevant at all. The income and expenses need to be figured using an accruals method, broadly speaking this is on income and expenses payable (whether or not paid during the tax year).

shaeney

Forgive me if this is the wrong forum, but I recently bought a buy-to-let but it's vacant until I refurbish it.

I do not expect to do this until the next tax year. Can I do anything with (offset) the costs that the property is currently encurring? If so, would this be against my tax liability for this year, or would it be against any future income the property generates?

What if I sell the property before it generates income?

Thanks.