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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4983
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I rent out a property. I carry out some of the repairs and

Customer Question

I rent out a property.
I carry out some of the repairs and maintenance myself.
As such I have receipts for the materials for the repairs but not any labour.
Is it acceptable to apply a nominal cost, for my time, to carry out such repairs and maintenance on my self assessment tax return?
If so what would be an acceptable cost?
Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question...The short answer is NO, I'm afraid.The rationale is that you show actual expenses incurred and not notional expenses.Secondly, even if you were to pay yourself for labour charges, you should declare this income as other taxable income.What you gain in one you lose in another.If this may not be the answer you were looking for, I'm sorry. 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.Please only rate my answer if it is acceptable.
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Customer: replied 1 year ago.

That's fine, thanks.

Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer. best wishes