Tax deduction treatment refurb work and replacement furniture

Nerak14

New Member
Messages
1
Hi

I’ve been letting apt for past 12 years, tax returns up to date and claimed cap allowances on furniture and fittings in first 8 yrs.
In 2019 I replaced beds, sofas and radiators, do I start 8 yr cycle of cap allowances for these or do I not get any deduction?

Secondly I gutted and replaced en suite bathroom, i thought these costs would be added to capital value to reduce gain on sale when I ultimately sell the property but I’ve seen some advice in the papers on a similar scenario stating this expenditure would be claimed in 2019 tax return - which is it?


Thanks
 

Sarenco

Frequent Poster
Messages
6,088
In 2019 I replaced beds, sofas and radiators, do I start 8 yr cycle of cap allowances for these or do I not get any deduction?
You could certainly claim capital allowances on the beds and sofas over the next eight years.

I suspect the replacement radiators constitute a repair that can be deducted in full in calculating your rental profit for 2019.
Secondly I gutted and replaced en suite bathroom, i thought these costs would be added to capital value to reduce gain on sale when I ultimately sell the property
I think you're right.

However, others disagree...
 
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