The renewals allowance gap

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    The renewals allowance gap

    In 2013 HMRC suddenly stopped the tax allowance in unfurnished rental properties, carpets, white goods and other items. It was a concessionary allowance so it could be done without any warning. In2016 a new allowance for costs of replacing domestic items for residential lettings only was introduced for carpets,white goods etc, I had to buy a new carpet in 2015 so I have not been able to claim tax allowance for it. Is HMRC likely to allow a tax allowance claim for this 3 year period 2013 -2016, when it stopped the allowance, or is the taxman going to keep the revenue. Has any of the Landlord sites made any representations to HMRC on this matter. It seems wrong that you could claim up to 5 April 2013, and from 6 April 2016, but not the time in between.
    from victuallersteve.

    #2
    You have to accept that paying tax is part of every LL's life experience .

    The expense allowance for replacing domestic items was started in 2016 when the 10% Wear and Tear allowance was stopped.

    Comment


      #3
      Tax rules change all the time.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment

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