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Can I claim set up costs as a loss in last tax year?

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Author Topic: Can I claim set up costs as a loss in last tax year?  (Read 79 times)
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I like property

« on: April 22, 2021, 10:25:53 PM »

Hi there. I bought my first BTL in February and have spent about £5000 renovating the property. This money has paid a decorator, plumber and also a handyman and includes items like a new shower, screen, paint, doors, locks, window panes etc etc. I have a spreadsheet with every single expenditure and receipts plus obviously I have paid out 2 mortgage payments so far.

I donít have a tenant in there yet so havenít received any income from the property in the last tax year but have spent out £5K between Feb and 5th April. Does anyone know if I claim this as a loss in this tax year against my BTL business to be offset in the next one and if this serves me any advantage?

I also run a small admin service so already complete a self assessment and if itís relevant my turnover from that was about £6000 this tax year (thanks Covid)

Many thanks

Emma
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