Wear and tear of F & F

Hi All,
I inherited a house last year and rented it out so I am completing my first tax return. I am just wondering how I can value the Fixtures and Fittings for do my tax return. Is it a matter of making an itemised list and putting an estimated value on them?

Thanks

Paul

I don't know for certain but as far as I know, yes, you put in an estimated value on the furnishings.

You can then use 12.5% of this value as an expense each year going forward.

qwertyuiop said:

I don't know for certain but as far as I know, yes, you put in an estimated value on the furnishings.

You can then use 12.5% of this value as an expense each year going forward.

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You can write off 12.5% for eight years

Did you inhertiate the house with the fixtures? If so (to the best of my recollection) there would have been an estimate put on the fixtures and fitting that were in the house....so you use this figure (plus anything else you many have added into the property....and minus anything you took out of the property) and then you write it off at a rate of 12.5% pa.

If it's you first year, it might be worth getting an accountant to do the returns for you so you will know what to do in future and be certain you are allowing for all appropriate expense, capital allowance, PRTB is up to date, e.tc. Generally fairly straight forward once you have an idea of what to do

Hi, does anyone know if built in wardrobes and a fitted kitchen is included in F & F. Also an outdoor Deck and Shed ?

sam h said:

Did you inhertiate the house with the fixtures? If so (to the best of my recollection) there would have been an estimate put on the fixtures and fitting that were in the house....so you use this figure ...

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Why this figure? Especially as it will commonly be a mere estimate thought up from someone's head at the time?