what value for fixtures and fittings

M

MonkeeMan

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Hi,
Just starting to work on my tax return. I lived in a house as my PPR but then after five years moved out and rented it. I put in some new furniture at this time and some things were bought when i lived there. It is 4 bed, kitchen and 2 living rooms.
I have the F & F insured for 23,000 which is about the value - this includes kitchen presses, white goods, couch, carpets, beds etc. Is it reasonable to write off 1/8 th of this each year for depreciation in accounts.

Also I spent 1500 on a wooden deck. Is this likely to be accepted as F & F.

Any advice much appreciated.
 
€23,000 seems very high. I don't think kitchen presses would be allowed as they are more of a permanent fixture (capital cost). Also the same applies for the wooden deck.
What you have the fixture and fittings insured for is not important. What they actually cost you originally is what is relevant. You need to deduct 5/8 th's of this cost to get their cost now which you carry forward and depreciate by 1/8th of the actual original cost each year until the full cost of the items have been used up.
Galwayboy
 
The kitchen presses won't last more than about 10 years on average I'd say so It's got to be replaced at some point. You can't write a new kitchen off as a repair in one go so it MUST be a depreciable capital expense. No?

I include my kitchen anyway but my F&F figure is nowhere near 23 grand. I have about 7 grand which is about right for a basically furnished 3 bed semi which was previously lived in I reckon.
 
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