Are these expenses allowable on furnished letting property?

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in AAT member discussion
Hi everybody,

Could you please let me know if the below expenses are allowable on furnished letting properties:

1. Money spent on decorating the properties.

2. Fish pond

3. laminate flooring

4. New door

The properties concerned are not newly acquired.

Your help will be appreciated.


Thanks

SINDY

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Are these expenses allowable on furnished letting property?

    If the costs incurred were restoring what was already there then they are allowable when calculating the rental profits, if they are an addition or an improvement then they will be allowable when calculating the capital gain when the property is sold.

    Usually if there are/have been tennants in the property then the redecoration will be allowable, as will the laminate flooring and certainly the new door, however I'm assuming that the fish pond is new and therefore won't be included in the accounts.

    Hope this helps
    Jodie
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Are these expenses allowable on furnished letting property?

    Thanks Jodie

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