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taxadvisor.uk, Chartered Certified Accountant
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I inherited some property 18 months ago and now need to fill

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I inherited some property 18 months ago and now need to fill in a tax return within the next few weeks. I know I can claim insurance costs but can I claim wear and tear against the rental income and if so, how much, based on percent of income or actual costs spread over a period of years? The flat is officially unfurnished but I bought a bed, carpets, curtains and some replacement windows and it was redecorated throughout. I think I can claim actual costs for 2015-16 but this was all done in the 2014-15 tax year.
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question..You can only claim wear and tear allowance if the property is let furnished and the percentage is 10% of rental income.Replacment windows, bed, curtains and decoration charges are revenue expenses and claimable. The expenditure is claimable in the year it is spend/committed.More information on tax deductible expenses can be found herehttp://www.fyldetaxaccountants.co.uk/property-articles/landlord-five-minute-guide-tax-deductible-expenses/and herehttp://www.which.co.uk/money/tax/guides/tax-on-property-and-rental-income/allowable-expenses-and-allowances/Remember, the expense should be incurred wholly and exclusively as a result of renting out your property. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
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Expert:  taxadvisor.uk replied 1 year ago.
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