SMF - Just Installed!

Tax - expenses???

Started by sunny30, January 27, 2013, 05:30:30 PM

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sunny30

I have let my property out and included electricity, gas, water rates, tv licence and broadband in the rent.

The water rates are a claimable expense on the tax form, but nothing is mentioned about the others, does anyone know if they would come under a service provided?  Or if they are could be put anywhere under an expense???

Many Thanks

Sunny

cyberlord

As you are incurring these expenses by providing such utilities to your tenants, you can set them against your rental income from the tenants. 

Such expenses may be disclosed within box 28, "headed cost of services provided....", within the UK property section of the 2013 self assessment tax return.

As with all expense claims against income, ensure you keep records of bills to verify the amounts you are claiming in case you are asked by HMRC to produce these.

Jacson

Please could someone kindly advise about tax expenses with regards to what can be offset against tax? Am I correct in thinking only maintenance and repairs can be claimed, not renovations and new appliances prior to the property being rented out? Thank you