Differientiating between Capital/Revenue Expenditure

Hi

I'm working on a client who has bought a block of flats. He has had them for over a year. First 6 months were in renovation,refurbishment. Next 7-8 months he has been letting them.

My question is it right that all expenditure before the asset is put to use is capital expenditure. For example, boiller, central heating, doors, double glazed windows etc would be capital expenditure. What about painting, repairs that cannot be seen etc. Does this fall under revenue expenditure?

Many thanks.

Comments
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Nearly

Paul Scholes |
Paul Scholes's picture

Yes

thisistibi |
thisistibi's picture

Other properties?

Marion Hayes |

Taxcafe

refs8 |