We have just started letting out our previous home. We needed to do quite a bit of DIY (decorating, plastering, new flooring etc) to bring it up to market standard. This probably cost in the region of £2K. We have kept as many receipts as possible and were hoping these would be allowable expenses to deduct from income.
Tenants moved in just as the new tax year has started, and it has got me worrying that I won't be able to deduct expenses that were incurred in the last tax year, against income incurred in this current tax year.
However surely that can't be right?
Advice greatly appreciated. Also keen to know if it's easier just to go to an accountant to get things set up as thus is a new venture for us.
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Landlord allowable expenses and tax years
14 replies
LocatingLocatingLocating · 13/04/2016 17:40
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