New Let with retainer paid - can I start claiming allowable expenses now?

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    New Let with retainer paid - can I start claiming allowable expenses now?

    Hi
    It would be great if anyone knows the answer to this one.
    I have a new property which has been let from Sept 2013 with a retainer paid for July and August. Can I claim allowable expenses from the beginning of July or do I have to wait until the beginning of September when the actual tenancy period starts?

    #2
    What expenses are you thinking about. Contractually the property is let so I do not see a problem. Regards Peter

    Comment


      #3
      Here is HMRC's leaflet on start of letting:

      http://www.hmrc.gov.uk/manuals/pimmanual/pim2505.htm

      Comment


        #4
        It does not really matter as they should qualify as pre-trading expenditure.

        Comment


          #5
          Thanks

          I was just hoping to be able to offset allowable expenses like gas and
          electricity standing charges until they move in, the broadband charge,
          insurance and mortgage interest.
          I also have not yet put in a microwave, iron et.c, but I guess I cannot
          call these 'allowable expenses' ?

          Comment


            #6
            Thanks for the link - very helpful.
            HMRC website is so full of info, I find it hard to get where I want to without going round in circles!

            Comment


              #7
              Originally posted by Jenny P View Post
              I was just hoping to be able to offset allowable expenses like gas and
              electricity standing charges until they move in, the broadband charge,
              insurance and mortgage interest.
              I also have not yet put in a microwave, iron et.c, but I guess I cannot
              call these 'allowable expenses' ?
              You can - except white goods etc. A 10% (of net rents) Wear & Tear Allowance can be claimed for furnished lettings.

              Comment

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              • Reply to Damaged artwork expense
                by Gordon999
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                by jpkeates
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                by ram

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                25-09-2021, 16:05 PM
              • Reply to Damaged artwork expense
                by nukecad
                I'd see this as an altruistic gift to your tenant and leave it at that.

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                by jtufty
                ram,

                Its let "part-furnished". (she didnt have a bed, so I put a bed in there, and the white goods, and the [now-broken] picture and a few other bits n bobs)
                25-09-2021, 15:13 PM
              • Reply to Damaged artwork expense
                by Section20z
                You don't need to write anything. Retain the receipt and just include the appropriate amount in youR expenses/capital totals...
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              • Reply to Damaged artwork expense
                by jtufty
                Thanks guys. I dont know what came over me! A momentary wave of altruism. Most unlike me!

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                25-09-2021, 06:45 AM
              • Reply to Damaged artwork expense
                by jpkeates
                It's a replacement item of furniture and its allowable as such.
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