I need to draw up a p&l for a property that has recently started letting. the property has been redecorated and new appliances fitted and improvements made in the kitchen.
I would like to know if i can put through all the expences as 1 figure under repairs or if theres any other way.
I do know about the 10% wear and tear off the net profit but its a very low figure to the cost of the renovation.
please help as the deadline for the tax return is soooo close
If the costs are capital they cannot be claimed in the income and expenditure account. Here is a link for allowable expenses :http://www.uklandlordtax.co.uk/allowable_expenses_against_rental_income.php
