A couple of questions from a relative who's a reluctant new landlord, but not an AAM member:
12.5% Wear & Tear allowance.
1. This clearly applies to furniture. If e.g. a 3 piece suite was purchased 3 years ago (before landlord knew would be renting), do you write off 12.5% of the original purchase price OR 12.5% of the estimated 'second hand' price at time of renting. [logic suggests its 12.5% of purchase price -its just that the item has a shorter expected lifespan remaining and will have to be replaced sooner?].
2. Does it apply to appliances e.g. washing machine? Or are they just receipted expenses at the time of replacement?
3. Does it apply to fitted carpets? Or are they just receipted expenses at the time of replacement?
4. If an item for which the 12.5% is being claimed needs to be replaced during the tenancy, does the landlord simply purchase a new item of similar purchase price (when new) and continue to write off 12.5% per annum rather than writing off the receipted cost of replacing?
Mileage T&S
I understand you are allowed to write off any mileage incurred when visiting a rental property if you live a long way away. Is the write off at the full mileage rate or the reduced rate? How many journeys per month/year would be considered reasonable e.g would one visit per week be seen as reasonable or one visit per month?
12.5% Wear & Tear allowance.
1. This clearly applies to furniture. If e.g. a 3 piece suite was purchased 3 years ago (before landlord knew would be renting), do you write off 12.5% of the original purchase price OR 12.5% of the estimated 'second hand' price at time of renting. [logic suggests its 12.5% of purchase price -its just that the item has a shorter expected lifespan remaining and will have to be replaced sooner?].
2. Does it apply to appliances e.g. washing machine? Or are they just receipted expenses at the time of replacement?
3. Does it apply to fitted carpets? Or are they just receipted expenses at the time of replacement?
4. If an item for which the 12.5% is being claimed needs to be replaced during the tenancy, does the landlord simply purchase a new item of similar purchase price (when new) and continue to write off 12.5% per annum rather than writing off the receipted cost of replacing?
Mileage T&S
I understand you are allowed to write off any mileage incurred when visiting a rental property if you live a long way away. Is the write off at the full mileage rate or the reduced rate? How many journeys per month/year would be considered reasonable e.g would one visit per week be seen as reasonable or one visit per month?