Late Property Campaign Allowable Expenses

Tax allowable accountancy fees?

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Hi Everyone.

Client filing an (unprompted) LPC notification / disclosure. 10 years' rental income from residential let; has never been registered for SA.

Would you agree that the portion of accountancy fees relating to preparation of property rental accounts are allowable by concession in the normal way?

Many thanks.

Replies (7)

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By SXGuy
16th May 2024 13:58

I vote yes

Thanks (2)
By taxdigital
16th May 2024 14:11

Yes, of course with a suggestion that in the engagement document split the fee part in to a) preparation of property accounts for each year, b)... and others. Just in case some HMRC case workers get over over-enthusiastic!

Thanks (1)
By JCresswellTax
16th May 2024 14:14

Yes I always claim these when preparing disclosure calculations.

Thanks (2)
By I'msorryIhaven'taclue
16th May 2024 14:59

Sold - three's a quorum!

I guess I was overthinking the deliberate aspect.

Thank you all, that's much appreciated.

Thanks (0)
By Mitch
16th May 2024 15:06

Not if using cash basis - would need to wait and claim against rental profits in the year of payment.

Thanks (3)
Replying to Mitch:
By ireallyshouldknowthisbut
16th May 2024 15:23


Accruals Yes.
Cash. No.

Thanks (3)
Replying to ireallyshouldknowthisbut:
By I'msorryIhaven'taclue
16th May 2024 15:46

Hmm, thanks both. There are many pre 2017 years in the disclosure, so I guess it's the accruals basis throughout. Property is no longer let btw.

Thanks (0)