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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15916
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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We live overseas. We rent out our london flat and I'm pretty

Resolved Question:

We live overseas. We rent out our london flat and I'm pretty clear on how I present this in mine and my wife's tax returns. But in late 2014 we bought another house and spent around £8,000 fixing the damp and getting the bathrooms to work, to enable a tenant to move in. Can I deduct the full £8,000 from the profit from both properties for my FY 14/15 tax return?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. When you disclose rental income and expenses in a tax return, the profit and losses for each property are combined, though you might keep a separate income and expenditure account for each property, so you pay tax on the net profit or none if you have an overall loss for the tax year. You simply have to decide if the expense is deductible or not which based on the information you have provided it is. I hope this helps but let me know if you have any further questions.
Expert:  TonyTax replied 1 year ago.
I have to go out for a while but I will be back to answer any follow up questions you may have.
Expert:  TonyTax replied 1 year ago.
Hi, I'm just checking in to find out if you need further advice or clarification.
Customer: replied 1 year ago.
I needed to understand a specific issue related to my tax return and got a very clear answer. Spot on. And many thanks.
Expert:  TonyTax replied 1 year ago.
Thanks.
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