Property rental expense

Property rental expense

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Hi,

I have a property rental business, and claim the 10% wear and tear allowance.

I am replacing all the windows on the property, and fitting these myself.

I will be claiming the cost of the replacement windows (see BIM 46925).

I have bought a cheap 'reciprocating saw' to help do the job (£50) - where do I stand in claiming for the cost of this - I will keep it for the next set of windows I need to replace.

I assume all other items relating to the window installation - like trims/beads/fillers are claimable.

Thanks.

Replies (6)

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By User deleted
19th Oct 2015 13:28

Do you
"I have a property rental business"

Do you also have an accountant? If so, best to ask them. If not, best get one.

Many people on here run an accountancy business and can't afford to give free advice in the same way that you can't afford to let property free.

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By le-rank
19th Oct 2015 13:59

Yes I do have an accountant, I will ask her, I also take a keen interest in what she does for me ... so I find it good to also ask on forums - you sometimes get different answers to the same question ...

Sorry, but you could have answered the question in the same time it took you to type the reply ... not very helpful ...

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By Tim Vane
19th Oct 2015 15:08

@OP, understood but you have come to the wrong forum. This site is for accounting professionals. Try the small business forum

http://www.ukbusinessforums.co.uk/

 

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By donovan846
24th Oct 2015 17:41

Suggest you also look at this book:

How to save property tax from Tax Cafe by Carl Bailey

 http://www.taxcafe.co.uk/property-tax-guide.html 

It's aimed at landlords / property investors rather than accountants - but is useful if you want to keep an eye on your accountant. As this forum shows they do have a tendency to have a 'precious manner', but are usually jacks of all trades (or areas of expertise) and masters of none. 

Personally I never take advice of a professional without testing it elsewhere.

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By activelyreactive
25th Oct 2015 16:17

I would say in this situation;

You are replacing windows that are either an expense or capital depending on the situation which you are confident is a repair.

As long as you can prove the saw is used only for the sake of work done on the property I don't see why it cannot be regarded as a cost (repair/maintenance), the only other side is that its a capital item as its a tool you are using and will use again. Though you could argue without that item the repair cannot take place.

Either way I'm just giving an opinion, nothing more....

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By le-rank
18th Dec 2015 20:55

Thank you for your replies, I will take a look a the guides on 'taxcafe'.

A second opinion is always best, like a quote to do work - you don't simply accept the first -and hopefully not the only quote.

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