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Thanks for your question = I am Sam nd I am one of the tax experts here on Just Answer.
No you would either claim 10% wear and tear (10% of gross rents) to represent the furnishings OR could claim for the like for like replacement value = but never the initial purchase price.
But for accounts purposes they would be recorded on the asset sheet
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Thanks for your response
I am aware that you do not won the properties but you are sub letting them and furnishing them - the wear and tear has not ceased its been reformed from April 2016 - and its not like for like on replacement - but you did not indicate your accounting year (so apologies for not also adding in the new reform information more clearly)
Yes you do as you need to identify this purely for your accounts purposes as part of the balance sheet
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