Hi All,
Hope someone can help me with this query:
I and my OH purchased a property in 2008 and renovated substantially. The property has been rented since May 2011.
Can the renovation costs e.g. bathroom suites, tiles be used to set off against rental income under capital allowances @ 12.5% of cost (of course with a reduction for 2 years use)?
I will be getting an accountant to do the return later in the year, but I want to have a rough idea of my tax liability now so that I can put some money aside to cover it when it needs to be paid.
Thanks,
Nutso
Hope someone can help me with this query:
I and my OH purchased a property in 2008 and renovated substantially. The property has been rented since May 2011.
Can the renovation costs e.g. bathroom suites, tiles be used to set off against rental income under capital allowances @ 12.5% of cost (of course with a reduction for 2 years use)?
I will be getting an accountant to do the return later in the year, but I want to have a rough idea of my tax liability now so that I can put some money aside to cover it when it needs to be paid.
Thanks,
Nutso