Possible to carry forward first year loss from 13/14 tax year without income?

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    Possible to carry forward first year loss from 13/14 tax year without income?

    Hi all

    Hope this hasn't been asked before - I couldn't find it in the FAQs.

    I bought my first BTL property in February and incurred loads of costs, some probably capital in nature and some that ought to be deductible against rental income under normal circumstances.

    I had no rental income until July so am not required to do self assessment for the 13/14 tax year as far as I can tell. So what do I need to do about getting deductions for my costs? For the capital ones do I just keep a record until such time as I sell the property in many years time? For items such as replacing carpets, doing painting, etc is it possible to carry these forward to reduce tax in future years, and do I need to declare the costs now in some way or wait and add them to my 14/15 self assessment?

    Thanks for any help or suggestions, even if just pointing me towards an article on this.

    MC

    #2
    1. Capital expenditure is only deductible for CGT on disposal of the property.

    2. Pre-rental revenue costs are available for (up to) 7 years. They are deemed to be deductible when the property is first let.

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      #3
      if youre doing it yourself, get the tax caf├ę book on reducing property tax, I chose to use an accountant who guided me through it all, did all the paperwork etc. as a first time LL, I just didn't want the additional aggravation/pressure of making sure my tax affairs were in order

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