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Guest
Hello, new poster.
I am confused over conflicting advice on first letting of what was my principle private residence up to now
.
I have paid a builder to do some plastering type repairs, then did a lot of DIY works myself. All this in the last few months with the purpose of letting out the house.
My questions:
1. can builders works to renovate for first letting be offset against income for tax?
2. I know my own labour does not apply, but have I kept all the hardware receipts on materials for nothing? Furniture and fittings I presume are the 8 year depreciation deal?
I will be getting an accountant soon, but panicing a bit over budgets right now.
Thanks
I am confused over conflicting advice on first letting of what was my principle private residence up to now
.
I have paid a builder to do some plastering type repairs, then did a lot of DIY works myself. All this in the last few months with the purpose of letting out the house.
My questions:
1. can builders works to renovate for first letting be offset against income for tax?
2. I know my own labour does not apply, but have I kept all the hardware receipts on materials for nothing? Furniture and fittings I presume are the 8 year depreciation deal?
I will be getting an accountant soon, but panicing a bit over budgets right now.
Thanks