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...
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09-09-2012, 10:50 AM
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24-09-2021, 10:35 AM
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Reply to Damaged artwork expenseIf 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
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Reply to Damaged artwork expenseIf 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
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 expenseI'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 expenseram,
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 expenseYou 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
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Reply to Damaged artwork expense
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 expenseThanks 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 expenseIt'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