tax allowances

[clueless]

Hello everyone,

I was wondering if I decide to double glaze my partly tenanted property, which would mean making the house much warmer than it currently is (trust me, it's cold), whether that would be an allowable expense and can be deducted from the tax form next year?

I read the tax form but there is a fine line between allowable expenses to maintain the property and non allowale expenses to improve or decorate the property.

Anyone any other suggestions for allowable expenses? Might as well take advantage while I can....

cheers

[Tax Accountant]

Hello everyone,

I was wondering if I decide to double glaze my partly tenanted property, which would mean making the house much warmer than it currently is (trust me, it's cold), whether that would be an allowable expense and can be deducted from the tax form next year?

I read the tax form but there is a fine line between allowable expenses to maintain the property and non allowale expenses to improve or decorate the property.

Anyone any other suggestions for allowable expenses? Might as well take advantage while I can....

cheers

This is what HMC&E states:

''In the past we took the view that replacing single-glazed windows with double-glazed windows was an improvement and therefore capital expenditure. But times have changed. Building standards have improved and the types of replacement windows available from retailers have changed. We now accept that replacing single-glazed windows by double-glazed equivalents counts as allowable expenditure on repairs.

Generally, if the replacement of a part of the ‘entirety’ is like-for-like or the nearest modern equivalent, we accept the expenditure is allowable revenue expenditure.''

Hope this answers your query.

Ramnik

[clueless]

This is what HMC&E states:

''In the past we took the view that replacing single-glazed windows with double-glazed windows was an improvement and therefore capital expenditure. But times have changed. Building standards have improved and the types of replacement windows available from retailers have changed. We now accept that replacing single-glazed windows by double-glazed equivalents counts as allowable expenditure on repairs.

Generally, if the replacement of a part of the ‘entirety’ is like-for-like or the nearest modern equivalent, we accept the expenditure is allowable revenue expenditure.''

Hope this answers your query.

Ramnik


Thank you Ramnik, that's great news :)

Where did you find the quote...? On their website? It must be quite hidden...

[clueless]

And one more...

Emergency home assistance (I pay a fee so that emergencies in the house are covered 24/7 and the tenant does not have to worry). Would this count too as an allowance?

Other examples that qualify as an allowable expense are very welcome :)

[Tax Accountant]

Thank you Ramnik, that's great news :)
Where did you find the quote...? On their website? It must be quite hidden...

Answer: That will be telling.

And one more...

Answer: You mean two more?

Emergency home assistance (I pay a fee so that emergencies in the house are covered 24/7 and the tenant does not have to worry). Would this count too as an allowance?

Answer: Yes, definitively allowable.

Other examples that qualify as an allowable expense are very welcome

Answer: Since you ask for the second time, I cannot now ignore this. Do I start at the beginning or somewhere further up the scale between 2 and 200? You don't sound like a novice so perhaps somewhere further up, but where exactly? May take a week or so to round up everything if you wish to pay for the time. Somehow I doubt it.

Ramnik

[clueless]

Thanks Ramnik. I found some further information on the HR revenue and customs site after I posted last message. If you check your private messages, I did contact you.

[Tax Accountant]

Thanks Ramnik. I found some further information on the HR revenue and customs site after I posted last message. If you check your private messages, I did contact you.

Yes, you did send a private message but I rarely look at these without being prompted. I have now replied to your private message.

Ramnik