Allowable deductions - fixed rates?

[grumpyhumpy]

Re: Property Investment FAQ

Hi all,

Great work - keep it up !!!!

Quick question : Does anyone know if there are any "fixed amounts/rates" set by revenue for any of the Allowable Deductions.

e.g.: repairs - if you do not have any receipts you still can write of xyz amount. If you had repairs which exceed the fixed amount/rate you need receipts.

And by the way : what is the exact technical term for these fixed amounts/rates

Regards & tnx a mill
Andre

 

[asdfg]

My understanding is that you have to have a receipt /invoice in order to claim against investment income. As this is a self assessment tax you are subject to an audit and will be asked to produce receipts for the work claimed.
If you do the work yourself you claim the materials only, otherwise you have to raise an invoice and then you will be taxed on that income.

 

[ClubMan]

Have you read the Property Investment FAQ and Revenue guide IT70?