SMF - Just Installed!

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

Started by Emmajane, April 22, 2021, 08:25:53 PM

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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 don't have a tenant in there yet so haven't 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 it's relevant my turnover from that was about £6000 this tax year (thanks Covid)

Many thanks