Revenue vs Capital Expenditure (again!)

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    Revenue vs Capital Expenditure (again!)

    Hi all,

    I am a newbie to this forum, so please be gentle!

    I have a property that I am letting out and in February, purchased another property to let out as well. For this second property, before putting it on the market, I rennovated it. Please note that the purchase price for the property was market rate, so wasn't in a state of dis-repair.

    Rennovations I completed:
    - Skimming 3 bedrooms upstairs
    - Painting whole house
    - New carpets for the house (replacing existing ones)
    - New bathroom suite (replacing like for like), including plastering in bathroom
    - New boiler (replacing 25 year old combi boiler with new combi boiler)
    - New radiators in most rooms
    - Brand new plug sockets in some bedrooms
    - Replacing old plug sockets with new sockets

    Could anyone please confirm which of the above items would be offset against revenue, and which would be against capital? I am not sure if having an existing property means that my "letting business" had already started, therefore these could all be offset against revenue?

    Thanks in advance!

    #2
    The boiler definitely comes down as Capital.

    Comment

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