I own 2 buy to let flats and last October I bought another one so that's 3 altogether. This latest flat needed extensive renovation. We basically gutted it and put in new central heating, rewired, new kitchen, bathroom etc, The work was finished by the end of February but I then noticed that there was a damp patch on the bedroom wall and also paint bubbling by the skirting boards. We were advised that the plaster needed to be hacked off and some solution injected into the walls. This was done and all seems fine now. This caused a further delay in finding a tenant and eventually the new tenant moved in 1st May and she is very pleased with it,
Although most of the work was major refurbishment work which I am aware cannot be offset against tax there was some work like repair to the existing windows and the damp work which I think can be offset against rent received now. As I didn't get any rent off the flat till after this new tax year started can I offset the repairs to this flat against my overall tax liability for the other two flats?
Although most of the work was major refurbishment work which I am aware cannot be offset against tax there was some work like repair to the existing windows and the damp work which I think can be offset against rent received now. As I didn't get any rent off the flat till after this new tax year started can I offset the repairs to this flat against my overall tax liability for the other two flats?
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