Hi - I purchased a property last year and am now letting it out. I am unsure as to whether the solicitors fees and survey fees connected with the purchase of the property are allowable expenses and would welcome any advice.
yes, provided that it was purchased exclsuively as an investment property so that the costs were incurred wholly, necessarily and exclsuively for the purspose of the business then all costs incurred in bringing the asset to condition for use are allowable (but be careful with that definition, improvements are capital in nature).
Don't forget that the mortgage interest is also an allowable expense as is insurance, agents fee's, repairs (not improvements), etc.
HTH,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thanks for that Shamus. Can I deduct the cost from my rental income in year one or do I have to wait until I sell the property and include it in the cost of the property?
