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Please can someone help! I am in the process of buying my first property through my new ltd company. My guess is it will complete in 6 weeks or so. It is a 3 bed property that will be a single let. The property is perfectly habitable now and could easily be rented out as it is, however I want to do a fairly big refurb. E.g. replacing the kitchen and bathroom, new carpets, redecorate etc. This will mostly be a like-for-like refurb and I don't think the majority of it will count as a capital expense. If I do this work before I first put tenants in, am I right in understanding th
Hi guys, just a quick few questions on tax that come up less often. BTL insurance claim, if you claim on your insurance for damage to a BTL property, do you claim the insurance payout as income and claim any contractor repair costs as expenses or do you claim neither as its an insurance payout rather than earned income? If you withhold some or all of the deposit due to losses of time, work, rent, damage or whatever, either for actual contractor costs or for your own time and hard work to clean and repair etc, does this need to be claimed as income or not as the deposit
I’m currently going through my books and something has occurred to me... If I’m spending £20,000 as a capital expense in the acquisition of a property, I will only be able to claim that as an expense when I sell the property. If I don’t sell for another 20 years in line with my business model, that £20,000 will likely be worth much less to me then as it is now due to inflation. I have 2 questions: When we claim against capital expenses 1. Are we allowed to add inflation & if not 2. Is that fair?! Many thanks, Jordan