Did a search and can't find the anwer to my question. IT70 doesn't have it either.
I've sold an investment property after 3 years. (had a go, made a few quid, not the game for me in the long term!) I'm working on my tax return for '06. What happens to my wear and tear allowance? The apt was fully let for '06 so I guess I can still claim my 12.5% on fixtures and fittings. A lot of the stuff I was claiming for has now been tossed. Can I still claim my 12.5% when I do my 07 accounts and can I fully write off the stuff that's been tossed as it had no useful life beyond the last let?
Cheers..
I've sold an investment property after 3 years. (had a go, made a few quid, not the game for me in the long term!) I'm working on my tax return for '06. What happens to my wear and tear allowance? The apt was fully let for '06 so I guess I can still claim my 12.5% on fixtures and fittings. A lot of the stuff I was claiming for has now been tossed. Can I still claim my 12.5% when I do my 07 accounts and can I fully write off the stuff that's been tossed as it had no useful life beyond the last let?
Cheers..