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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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.
@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/
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.
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....