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TonyTax
TonyTax, Tax Consultant
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We bought a house in dec 2014, started letting it out from May 2015. Can I put the exp

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hi, we bought a house in dec 2014, started letting it out from May 2015. Can I put the expenses between dec 2014-april 2015 while the house was empty in 2014-15 tax return to carrier over to next year? Obviously the rental income for 2014-15 tax year is 0.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. Can you tell me why there was a delay between the purchase of the property and when it first let please. When was it first available for letting? Do you have other rental properties??
Customer: replied 1 year ago.
We have spent some time redecorating the house, e.g., repainting the house, sanding floors, fixing the doors. Started to look for tenants since feb 2015, found someone in mar 2015, who moved in mid may 2015.
Customer: replied 1 year ago.
Bought the house just before Christmas, the timing and the rental markets were not great at the time. So had some delays on contacting the letting agency.
Expert:  TonyTax replied 1 year ago.
Is this your first rental property or do you have others?
Customer: replied 1 year ago.
It's the first house to rent it out. It's under joint names. We both have full-time job.
Expert:  TonyTax replied 1 year ago.
Thanks. Take a look here for information on pre-letting expenditure: http://www.hmrc.gov.uk/manuals/pimmanual/pim2505.htm You should be able to claim the costs for the types of repairs etc you were doing as if they were incurred on the first day of letting so I would claim them in your 2015/16 tax return unless you already had properties being let in which case you could claim them in 2014/15. I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.
Does the invoice dates of all the expenses matter if I claim them in 2015/16 tax return?
Expert:  TonyTax replied 1 year ago.
No, it doesn't because they will be treated as having been incurred on the first day of letting as PUIM2505 says.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15838
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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Customer: replied 1 year ago.
Thanks! It is clear now.
Expert:  TonyTax replied 1 year ago.
Thanks for accepting my answer.

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