I purchased my first buy to let in early March 2011 which was partly financed by a BTL mortgage. I immediately had a new floor laid throughout and had some tiling work done in the bathrooms. It was a new build which came with kitchen appliances as part of the deal. Apart from this I advertised it for rent as an unfurnished flat. My first tenant did not move in until May 2011.
I have only just notified the IR of my new rental income and this will be the first tax year that I will submit a tax return for. My question is will I be able to include the BTL mortgage arrangement fees and interest incurred during March 2011 as deductibles for this years calculation? If not is there some sort of retrospective way I can get relief for this. I now know that I should have really included these items on a return for the last tax year but I foolishly overlooked this as the rental income hadn’t started to come in at that point.
I am also not sure if I can include the cost of the flooring / tiling as an expense or would these qualify under the 10% wear and tear rules?
can anyone help?