Tax Questions

Collapse

Forums Topics Posts Last Post
No forums found.
  •  
  • Filter
  • Time
  • Show
  • New Topics
Clear All
new posts
There are no conversations in this channel.
 
  • Filter
  • Time
  • Show
Clear All
new posts
Please log in to your account to view your subscribed posts.
  •  
  • Filter
  • Time
  • Show
  • Sort By
  • Order
Clear All
new posts
Topics Statistics Last Post
Started by Hippogriff, 15-05-2015, 08:09 AM
12 responses
1,126 views
0 likes
Last Post jpkeates  
Started by chalkie, 13-05-2015, 21:09 PM
11 responses
967 views
0 likes
Last Post jpkeates  
Started by philip cooper, 07-04-2015, 19:55 PM
29 responses
3,081 views
0 likes
Last Post jpkeates  
Started by philip cooper, 15-05-2015, 12:21 PM
1 response
389 views
0 likes
Last Post jpkeates  
Started by monteithpropery, 11-05-2015, 18:23 PM
3 responses
647 views
0 likes
Last Post Gordon999  
Started by bobcat, 02-05-2015, 09:00 AM
2 responses
667 views
0 likes
Last Post bobcat
by bobcat
 
Started by Rich1880, 11-05-2015, 11:57 AM
5 responses
682 views
0 likes
Last Post jpkeates  
Started by duckpond, 06-05-2015, 18:12 PM
6 responses
730 views
0 likes
Last Post jpkeates  
Started by Claymore, 10-05-2015, 10:36 AM
4 responses
665 views
0 likes
Last Post jpkeates  
Started by Mutatio, 06-05-2015, 16:29 PM
8 responses
793 views
0 likes
Last Post Mutatio
by Mutatio
 
No topics found.
banner

Latest Topics

Collapse

  • Damaged artwork expense
    by jtufty
    Hi all

    Silly minor question really. Last week the tenant accidentally knocked a framed picture off the wall and smashed it. It was only a cheap thing (I guess value was £10). I went out and bought a replacement picture for her. (I know I didnt have to, but shes a good tenant). I bought...
    24-09-2021, 10:35 AM
  • Reply to Damaged artwork expense
    by Gordon999
    If you paid £50 for replacement picture, just book the £50 cost as allowable operating expense against the rental income. Nobody can prove this £50 expense is an "improvement to your property"....
    27-09-2021, 20:20 PM
  • Reply to Damaged artwork expense
    by jpkeates
    If something is purchased wholly and exclusively for the business it's an allowable expense of one kind or another.
    It doesn't have to be a sensible thing to buy, it just has to have been bought for the business.

    If it were a gift it would not be allowable, but it's hard to see how...
    27-09-2021, 08:10 AM
  • Reply to Damaged artwork expense
    by ram

    As per above, as the place is "part-furnished", which will not incude pictures on walls.

    It's a gift to a stranger. ( They are not family, not close friends - etc. ) and not a claimable expence in any way..
    ...
    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.

    My previous LL (although he had his faults) used to buy the 3 of us in his small HMO a £20 case of beer each at Christmas, I doubt he tried to claim it off tax.
    25-09-2021, 15:46 PM
  • Reply to Damaged artwork expense
    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...
    25-09-2021, 13:57 PM
  • Reply to Damaged artwork expense
    by ram

    We assume the place is let as furnished ?

    I don't think pictures are classed as furniture / but then again, a mirror screwed to the wall - if broken by the tenant, then the tenant pays.
    So pictures ? not sure.
    I would charge the tenant the cost of replacement.
    ...
    25-09-2021, 11:43 AM
  • Reply to Damaged artwork expense
    by jtufty
    Thanks guys. I dont know what came over me! A momentary wave of altruism. Most unlike me!

    I have the receipt. What should I log it as? Should I literally just write "capital expense" or should I be more specific such as "replacement of broken picture"?
    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.
    There's an inevitable element of betterment when you replace one thing with another.

    And £40 is neither here nor there as a capital item.
    24-09-2021, 13:16 PM
Working...
X