New boiler

  • Filter
  • Time
  • Show
Clear All
new posts

    New boiler

    I have to replace the old gas boiler in my BTL. Will I be able to claim the full cost against my tax bill?

    It's deductable as a business expense, yes.
    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).


      Unless what you mean by "claim the full cost against my tax bill" is that

      Tax payable £3000
      New boiler £3000
      Adjusted Tax payable £0

      In which case, no


        You actually claim the full cost of new boiler against annual rental income .

        This reduces the amount of profit which is taxable at 20% or 40% etc. .


        Latest Activity


        • Changes to Landlords tax relief and landlords tax credit
          by cadence248
          Good afternoon all,

          I've been getting to grips with the changes to landlord's tax relief over the last few years. One thing that worries me considerably is that since all rental income is now taxed, and I must pay my loan interest and repayments out of this also, that really doesn't leave...
          02-07-2020, 15:11 PM
        • Reply to Changes to Landlords tax relief and landlords tax credit
          by jpkeates
          When you complete your tax return, you no longer deduct the interest (and any other finance related costs, e.g. a setup fee) you have paid as an allowable expense.
          You calculate the tax you would pay without that deduction (i.e. income less other expenses at the appropriate rate(s))
          04-07-2020, 12:40 PM
        • Reply to Changes to Landlords tax relief and landlords tax credit
          by Kape65
          The 20% credit is automatically applied, you would have been getting it for the last 3 years!
          04-07-2020, 10:19 AM
        • Reply to Changes to Landlords tax relief and landlords tax credit
          by jpkeates
          The only people negatively affected by the change in how the interest can be claimed are higher rate tax payers and standard rate tax payers who were close to the higher rate threshold.

          For most landlords, the change is simply in how the tax is calculated, the outcome is the same.
          04-07-2020, 08:58 AM
        • Reply to Can we claim back the VAT?
          by Gordon999
          Your lease should require the leaseholders to pay annual service charge contribution to the management company.

          To keep the non-profit making Management Company dormant which is easier for filing annual returns to Companies House, the service charge money collected from the leaseholders...
          04-07-2020, 08:18 AM
        • Can we claim back the VAT?
          by 529 Charlie
          We are 3 Leaseholders each with a share of the freehold of our shared building. Purchase of our flats meant we also became Directors of a dormant Management Company. We need urgent maintenance/Major Works doing and wondered how and if we can claim back the VAT charged by the builder(s).

          03-07-2020, 18:13 PM
        • Tax Return
          by Brian862107
          Does anyone know of any good online tutorials/guides for filling out your self-assessment tax return? I don't know about you's but I hate filling out forms (they always ask you to tick a box to say the information you've put in is correct too!!)!

          This is my first year filling out the self-assessment...
          01-07-2020, 15:51 PM
        • Reply to Tax Return
          by Gordon999
          Revised figures for your situation ( for 12 months rent.)

          Annual rental income = £6000

          Buildings insurance = £0.

          Maintenance & Repairs = £100

          Letting agent = 12 x £60 = £720

          Total Expenses = £820

          Profit = £6000-...
          04-07-2020, 07:50 AM
        • Reply to CGT after selling my main residence
          by doobrey
          I had thought it was something like that as well, until I looked it up.

          04-07-2020, 07:36 AM
        • CGT after selling my main residence
          by Echoes
          Hi there
          First of all thanks in advance for your reply. I would really appreciate if you can calify some of my confusion.

          I have few queries regarding selling my main residence which would impact on how much CGT I would pay...

          1. I am buying a new house to live so...
          02-07-2020, 14:14 PM