I've rented out my house for the first time.
The lease begins on 1st August.
For tax purposes I can offset depreciation of furniture against rental income. It's 12.5% per annum for 8 years.
Can I claim the full 12.5% this year, even though house will be let for only 5 months? Or do I have to pro-rate the depreciation??
Thanks
Ste
The lease begins on 1st August.
For tax purposes I can offset depreciation of furniture against rental income. It's 12.5% per annum for 8 years.
Can I claim the full 12.5% this year, even though house will be let for only 5 months? Or do I have to pro-rate the depreciation??
Thanks
Ste