Wear & Tear Expenses

S

siand9

Guest
Hi, just a quick question about wear & Tear Allowance. Can you claim the wear & tear allowance for furniture & fixtures that you buy before letting out a property for the first time. I bought the property in December and furnished it etc but won't be letting it out until February. It hasn't been occupied during this time. Any help would be great
 
I'd be very interested in knowing if I can deduct the cost of furniture I bought last year.

Looks like I will have to rent out my apartment for the first time.

Any help appreciated.
 
My house is let unfurnished, however I bought all new appliances for kitchen and bathrooms. Is this allowable against rental income?
 
Thanks rob1,
I was thinking that that would be the most sensible way of doing it.

If couch is three years old start at (100%-3*(12.5%)), and then claim an eight of that value each year for 8 years.
 
Yes you can claim the cost of the furniture at the rate of 12.5% over 8 years. This does not come under the pre letting expenses rule.

As many of you are new to doing this and seem to be doing your accounts yourself, if you have any doubt, then just enclose a letter to revenue stating that

'I have deduced x amount on y because z and I'm not sure this is correct. '

Send this and your return by registered post, or get revenue to stamp a copy for you if you drop it off and keep a copy of everything. In most cases revenue don't reply as they 'agree' with what you have done so that's the end of the matter but you need the letter in case there is ever an audit /query later on by revenue.

The cost of accounts done properly by a professional in the first year is to be HIGHLY recommended based on the questions posed by so may first time renters. As is reading the form on letting and other websites.
 
How long do you need to keep all this stuff in case of an audit and how likely is it that small earning PAYE workers with one investment property would be audited ?
 
Lilia said:
How long do you need to keep all this stuff in case of an audit and how likely is it that small earning PAYE workers with one investment property would be audited ?
Click to expand...

6 years records. You could be audited if anything looks amiss, nothing to do with size
 
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