How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5143
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I inherited some property 18 months ago and now need to fill

This answer was rated:

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.
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 here here, 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. and other Tax Specialists are ready to help you
I thank you for accepting my answer.
Your reward of a generous bonus is greatly appreciated.

Best wishes.