shan Posted March 2, 2012 Report Share Posted March 2, 2012 hi i just had electrical safety check done on my rental property alas it failed on just about everything, i was advised that a rewire would be best. so i had a complete but very basic rewire done cost 800 pounds for a 4 bedroom house, wires run on the suface in trunking, only one socket in each room where there were 2 before. just wondered if anyone knows whether this would be a revenue expenditure, am i correct in thinking this is not an improvement, i already claim the 10% wear and tear allowance. thanks. Link to comment Share on other sites More sharing options...
Richlist Posted March 2, 2012 Report Share Posted March 2, 2012 How long have you owned the property? How long has it been part of your rental business ? Link to comment Share on other sites More sharing options...
shan Posted March 3, 2012 Author Report Share Posted March 3, 2012 How long have you owned the property? How long has it been part of your rental business ? hi iv'e owned the property nearly 30 years and its been rented out to the same tenant for the last 8 years, the same tenant still remains Link to comment Share on other sites More sharing options...
Richlist Posted March 3, 2012 Report Share Posted March 3, 2012 Its a like for like running repair and therefore I'd say that its revenue expenditure. Claim the cost of the work against rental income on your next tax return. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.