Replacement Windows

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Replacement Windows

    Hi
    Have been renting out 2 properties for over 10 years, during that time repairs and maintenance have been between £500 to £2000 in total per year.
    This year have replaced 30 year old windows/doors and guttering, so repairs will amount to around £11k.
    My query is, do I need to add any notes to my tax return for this? As guessing maybe flagged up? Although are legitimate costs.

    Thanks
    B

    #2
    I am not sure if you need to, however I always tend to add a note if the maintenance is high for a particular year e.g. if Section 20 works etc. Have never had anything queried. I imagine things are becoming more and more automated so if a difference in trend it may throw it up.

    Comment


      #3
      Thanks, think i might do this.

      Comment


        #4
        I would volunteer some explanation in the tax return for any excessive expense during the year.

        It becomes worrying if something in your tax return causes the tax office to investigate you.

        Comment

        Latest Activity

        Collapse

        • SDLT impact of varying ownership % of jointly held with spouse mortgaged property
          Stu2222
          Hi All

          I've been through many of the historic posts but haven't found a clear answer to this point (but happy to be pointed in the right direction).

          I jointly hold a mortgaged investment property with my wife, 50/50 as joint tenants and both on the BTL mortgage. 50% of the...
          15-01-2018, 16:57 PM
        • Reply to SDLT impact of varying ownership % of jointly held with spouse mortgaged property
          Gordon999
          If you + wife are registered as "joint tenants" at Land Registry , the Tax Office will automatically assume that each "joint tenant" is entitle to 50% of the rental income.

          You can change the distribution of income to 1%: 99% by producing a "Declaration of Trust"...
          19-01-2018, 19:56 PM
        • VAT on professional fees - commercial to residential planning application
          Dan_Manchester
          Evening all,

          We have recently submitted a planning application to convert a small commercial unit in a couple of new apartments. As I understand it the building work will be zero-rated for VAT as we are creating dwellings were none were previously.

          The planners have requested...
          16-01-2018, 20:20 PM
        • Reply to VAT on professional fees - commercial to residential planning application
          Gordon999
          VAT is chargeable by the company providing service to you. The VAT charge is not decided by you.

          You have to register as developer with the HMRC VAT office so that you can claim back VAT paid to the company for the building work and supply of building materials. VAT paid for professional...
          19-01-2018, 19:35 PM
        • Capital Gains Tax !
          columbo
          Ok you clever people , I could make this very long but I will try and keep it short , How do you no or find out if you have to pay this tax ? I have a few property,s and would like to sell the largest one but have been told if I'm not the payer of the bills I only have 18 months and then its not my...
          19-01-2018, 14:20 PM
        • Reply to Capital Gains Tax !
          Gordon999
          If you have lived in the property for 21 years out of 23 years , the tax office will give exemption to capital gains tax for 21 years + 18 months from date of moving out. So only the gain for last 6 months is taxable.

          If your capital gain over 23 years gives you £460,000 profit which...
          19-01-2018, 19:16 PM
        • Reply to Capital Gains Tax !
          columbo
          Thank you .
          19-01-2018, 16:49 PM
        • Reply to Capital Gains Tax !
          AndrewDod
          Then your CGT bill will almost certainly be zero.

          Unless it is an extremely expensive property and increased in value by at least a million or so (given two basic CGT exemptions) -- if that is the case you will need to look at precise numbers.

          Can you prove it was your only...
          19-01-2018, 16:46 PM
        • Reply to Capital Gains Tax !
          columbo
          Thanks for your replys , The house was our main living house until 2 years ago when we down sized ,we never rented the house out as tried to sell it but it fell threw a couple of times so no we never rented this house , Our tax records are all complete and up to date with the other propertys , We don't...
          19-01-2018, 16:27 PM
        • Reply to Capital Gains Tax !
          AndrewDod
          Paying of (utility) bills has nothing whatsoever to do with ownership with respect to Capital gains.

          If you lived there for 23 years and rented it out for 2 years, GCT would almost certainly be zero.

          But you seem not to have lived there - or did you????. The amount of time...
          19-01-2018, 16:25 PM
        Working...
        X