I started renting a property out as a furnished holiday let in May 2011 and meet the occupancy rules.
The property had some new white goods and a new kitchen. I bought more new white goods, tv, furniture, linen etc
I don't want to make the future too complicated (if I sell the property) by claiming large capital allowances associated with the fabric of the property.
I do want to recognise the depreciation of the white goods etc and the kitchen, I have already replaced some of the linen.
I've struggled with deciphering HMRC helpsheets - some practical advice on what/how to enter on the form please! Thank you.
Replies (4)
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FHL allowances
I'll tell what I would do about white goods etc. etc.
Too much work to keep track of individual purchases for CA claim so I would just claim 10% wear and tear allowance instead.
W&T allowance not available
W&T allowance is available on ordinary Furnished Lets but not Furnished Holiday Lets.
Annual Investment Allowance of up to £100K is claimable last tax year (£25K 2012/13) which should be enough to swallow all your expenditure, so just put what you spent in that box.