Calculation of net rent taxable

[taheemr]

Dear all,

I am in the process of putting together my 06/07 accounts can someone pls confirm the rental income calculation as being

rent - total expenses = rental profit or loss.

Also the 10% rule re wear and tear, is it 10% deductable from the rental figure p/month.

All replies appreciated.

Many Thanks

[TaxationPete]

Gross rent - 10% ( if furnished ) - mortgage interest - minus allowable expenses =Profit/loss.
Regards Peter

[taheemr]

Gross rent - 10% ( if furnished ) - mortgage interest - minus allowable expenses =Profit/loss.
Regards Peter


Thanks Peter, thats what I thought

[taheemr]

Does the 10% w&T also apply to white goods ??

Also I assume that you can claim replacement of worn good in addition to W&T too.

Thanks

[TaxationPete]

Not really it is 'one' or the 'other'. However some major items are claimable, like a replacement gas boiler or double glazing. Regards Peter