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JohnG

Tax Year and Repair Cost

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I recently replaced single glazed windows with double glazed units which is a tax allowable expense. My question is as the contract was entered into in one tax year and a deposit paid in the same tax year but the balance paid in the following tax year is the whole cost allowable in the year the contract was entered into or split between the actual years money was paid? I did find some HMRC notes but have mislaid the reference. Any thoughts welcome.

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I'd claim the deposit in the tax year it was paid..... and the balance in the tax year that was paid.

Trying to understand the tax rules without employing an accountant will leave you with a mighty headache or worse.

My approach is to apply logic, common sense, honesty and justification. If the tax office then decide I've done it wrong......(they never have yet)....then I can argue my case with confidence.

Good luck.

 

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