Uk Property Income -Accountancy Fees

jilt

Could anyone confirm whether accountancy fees are an allowable expense when calculating property income?

BPP book states they are but there's no mention of them in the Osborne book other than they are shown in a couple of questions at the end of the chapter but there is no answer at the back of the book.

Am trying to decide what my interpretation of "wholly and exclusively for the purpose of lettings"

Have tried HMRC's website but can't find anything specific, maybe I'm looking in the wrong place!

Marg22

If the expense is revenue in nature then it is allowable. Anything that is capital in nature is not allowed. The cost of preparing the accounts is allowable.

You are right that Osborne books do not confirm whether it is allowable or not, but I can assure you that in the answer to 2.4 it is allowed.

hope this helps.

Marg

jilt

Thanks Marg, I know it's revenue it's just that as it's not classed a a trade, some expenes that would normally be allowable aren't, for instance use of home office. Am glad someone had the answers to the Osborne book questions.

Thanks again.