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Found 9 results

  1. Hi All, I wonder if anyone can advise on the rules when it comes to renovating a property after purchase and offsetting some of those expenses against tax. It was always my impression after reading a few books and articles on the subject over the years that we would not be allowed to claim for ANY expenses incurred whilst renovating or preparing a property before it was let for the first time. This last year however, after being bombarded with emails from HMRC, I decided to brush up one what's allowed using the Inland Revenue resources and that seemed to suggest that any expen
  2. Hi I do all the admin for a single property my partner owns and lets privately and i'm just trying to make sure i'm looking at things correctly. It was his residential home previously. In preparation for letting it, many repairs were done in the months beforehand. New kitchen as the existing one was handmade. New boiler as the existing one was 27 years old. Refresh of decor and flooring etc. It was in a livable and lettable condition, but as he was going to be moving far away, he wanted to make the property as reliable as possible. The boiler and kitchen were large jobs as the location a
  3. I will give a short summary and eager to hear your thoughts about how to be smart about how to fund my company. I am a Swedish citizen (living in Sweden) setting up my UK LTD and have understood that expeses can be deductible even if the occured prior to the launch of my company. BUT if I have had eligable and deductible expeses of 1000 pounds (personal and taxed money), that 1000 can only be deducted against revenues to reduce my corporation tax. Which means I "save" 19% (190 pounds). Still that 190 pounds will have to be taxed (personal income or similar based on our Swedish rules)
  4. I just started out renting my property in this financial year as a BTL. However, can I claim back expenses on things that occurred in previous tax year, such as building maintenance costs, repair costs, or property books & subscriptions, even though the property was not rented out in previous years? and if this is possible, how many years can I go back when doing my tax return? Also, when I changed my mortgage to a BTL this year I incurred solicitor fees and search costs as part of my re-mortgage to BTL. Can these costs be deducted as expense from my tax bill? Many thanks for you
  5. Dear Hubbers HI, I'm a HMO newbie and grateful for your advice. I've got a 6 bed HMO , 2 storey in the works . All bills will be included. I've got myself a bit confused with the type of thermostat arrangement to set up. Should I just have a single thermostat in a communal area , one on each floor or one in each room ( super pricey to set up) I'd really appreciate advice on how to keep bills down whilst making sure everyone is comfortable . Having a thermostat in each room seems like the most comprehensive solution but its the most costly. Any advice o
  6. 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
  7. Hi, can you claim food or meals as an expense as a landlord? Thats the main question and now for a bit of specifics. i know the wholly and exclusively thing. You can claim travel expenses such as 45p per mile for travel (up to 10k miles). I’ve read in many places that if visiting a property that requires an overnight stay then the stay and meals are deductible as long as the stay is ‘wholly and exclusively’ for attending the property. In my specific case that I'm questioning, my rental properties are an hour to an hour and a half drive away. Ive recently pur
  8. Hi, I replaced the existing worn carpet in my new rental last year which cost me £3k, and along with other repairs to make the place rentable I have a total of £4k expenses to claim against my tax. However the HMRC online tax has highlighted " WARNING: This figure is high in relation to 'Total rents and other income from property' ". I've gone through the claimable items and the only possible questionable one is whether the carpet is a capital expense. To me this is a like-for-like replacement, therefore claimable, but am I wrong? Thanks Dave
  9. Hi all I am currently in the process of renting out a house I have previously lived in for 5 years. I have carried out 'maintenance' on the property regularly, not made substantial improvements to the property, i.e. No extensions or layout charges but more decoration, carpets, wall tiles etc. I have fitted a new bathroom suite (but again not ‘improved’ the suite beyond how the original would have looked when it was new). I am aware that in the first year of your “property business” you can go back and claim any expense from 7 years prior to starting. But I don't know if that extends to
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