greg Posted December 4, 2012 Report Share Posted December 4, 2012 Hi just bought a BTL,need advice on what I can claim back on I have spent the following 1) Insurace 2) new carpets old ones missing or threadbare 3) painted and decorated 4) new gate old rotten 5) curtains none present 6) supply fit new electric shower and screen and tiling old shower broken old tiles falling off 7)replaced tiling in kitchen as old falling off 8) £30.00 in petrol going to and fro and to tip! Total spend around £1000.00 as I did the work myself can I claim this back in my first year or when I sell the place in years to come? many thanks in advance Link to comment Share on other sites More sharing options...
Richlist Posted December 4, 2012 Report Share Posted December 4, 2012 The following items cannot be claimed against income tax BUT if you sell the place at some point in the future with carpets and curtains then the initial cost can be offset against CGT. * Carpets * Curtains The following can be claimed against income tax.....from the date your property entered your rental business. * Buildings, contents, landlords insurance.....as well as rent guarantee insurance The following will depend on the condition of the property when you bought it. If it was NOT fit for immediate letting then you cannot claim the cost against income but you can claim against future CGT. * supply fit new electric shower and screen and tiling old shower broken old tiles falling off * replaced tiling in kitchen as old falling off * £30.00 in petrol going to and fro and to tip! The following can probably be claimed but more info is required. * painted and decorated * new gate old rotten Best to get yourself an accountant for the first year at least. Link to comment Share on other sites More sharing options...
greg Posted December 4, 2012 Author Report Share Posted December 4, 2012 Many thanks for prompt reply,bungalow was in a bad state walls had holes in dirty etc,side gate was wooden and totally rotten,im assuming I can also get 10% wear and tear allowance as well? Link to comment Share on other sites More sharing options...
Richlist Posted December 4, 2012 Report Share Posted December 4, 2012 Many thanks for prompt reply,bungalow was in a bad state walls had holes in dirty etc,side gate was wooden and totally rotten,im assuming I can also get 10% wear and tear allowance as well? Sounds like you bought a wreck that needed work before being fit to let. In that case, none of the work qualifies as revenue expenditure and cannot be offset against income tax......but the cost can be offset against future CGT. The 10% wear & tear allowance is available ONLY for fully furnished property. Link to comment Share on other sites More sharing options...
goldstarinventory Posted December 6, 2012 Report Share Posted December 6, 2012 Hi just bought a BTL,need advice on what I can claim back on I have spent the following 1) Insurace 2) new carpets old ones missing or threadbare 3) painted and decorated 4) new gate old rotten 5) curtains none present 6) supply fit new electric shower and screen and tiling old shower broken old tiles falling off 7)replaced tiling in kitchen as old falling off 8) £30.00 in petrol going to and fro and to tip! Total spend around £1000.00 as I did the work myself can I claim this back in my first year or when I sell the place in years to come? many thanks in advance Are you planning to let this to tenants? Have you booked an inventory company yet to do the inventory? Link to comment Share on other sites More sharing options...
greg Posted December 7, 2012 Author Report Share Posted December 7, 2012 Are you planning to let this to tenants? Have you booked an inventory company yet to do the inventory? dont tell me.....you offer this sevice.........for a fee.......no thanks..........who else would I let a bunglalow to?,hobbits? Link to comment Share on other sites More sharing options...
goldstarinventory Posted December 7, 2012 Report Share Posted December 7, 2012 dont tell me.....you offer this sevice.........for a fee.......no thanks..........who else would I let a bunglalow to?,hobbits? Yes we have a fee, but it is a small cost to record the properties condition and contents. It could be far more expensive if you tenent takes anything or damages items or the property. With a inventory document in place, TDS will have to give you money back from their deposit if the do these things. Just some advice for the future. Even unfurnished studio apartments in London are investments. You want to make money, no repair it and keep paying to replace things.. Good luck anyway. Link to comment Share on other sites More sharing options...
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