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Accountant@Work
[email protected], Accountant
Category: Tax
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I rent out a furnished flat and was told I could include 10%

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I rent out a furnished flat and was told I could include 10% of total rent as depreciation as an allowable expense, but can't find any confirmation of that. Does this allowance exist ?
Accountant@Work

Hi, welcome to JustAnswer. I'm [email protected], a UK-Qualified Chartered Certified Accountant with over 15 years of experience. I'll be answering your question today.

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The 10% wear and tear allowance is no longer applicable.

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You can however claim actual expenses incurred on the property.

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Repairs and maintenance, paint work, replacing furniture like for like etc

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Customer: replied 15 days ago.
Thank you

I hope I've answered your question? If, however, any part of my response is unclear, please do let me know and I'll try to explain it further.

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