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The tatty rules of allowable expenses in respect of let property
KEY POINTS
- The profits of a property business are calculated in the same way as a trade.
- The difficulty of defining a repair; when does this go beyond restoration?
- There now appears to be no tax relief for free-standing appliances.
- Pre-letting costs can be allowed under the same principles as pre-trading expenditure.
- Do the present rules mean that some costs go unclaimed while erroneous claims are also made?
In recent years an increasing number of the Great British public have become landlords.
Pensions uncertainty and the recession provided incentives to invest and the difficulties of obtaining a mortgage have buoyed the rental market.
After the decision to become a landlord is made come income tax and self-assessment filing requirements the latter being in effect a statement of...
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