Tax Insider is a new venture from TaxationWeb, the UK's leading independent tax portal.
Business Tax Insider
Business Tax Insider
Business Tax Insider - COMING SOON!
Customer Success Stories
My accountant and I need absolutely accurate and the most up-to-date advice that we can possibly get. Time and time again Tax Insider has come up with the goods!
I wholeheartedly recommend the ‘Tax Insider’ to anyone who is interested in legitimately minimising their tax bill.
Dr Bennie Mallett, General Practitioner
I wholeheartedly recommend the ‘Tax Insider’ to anyone who is interested in legitimately minimising their tax bill.
Dr Bennie Mallett, General Practitioner
Business Tax Insider is aimed at business owner. Small, medium or large - it doesn’t matter - this monthly business tax saving magazine will help you to slash your taxes.
- How to Use Dividend Waivers to Save Tax(December 2010)
- How to Save Tax with an ‘EFRBS’(September 2010)
- Tax Savings for Entrepreneurs(September 2010)
- How to Buy the Trade and Assets of a Business Without VAT(August 2010)
- Fighting Property Values with HMRC(August 2010)
- How to Claim Relief for Trading Losses - And Don’t Forget Class 4 NIC!(August 2010)
- A “Business” is Better!(July 2010)
- Non-Dom ‘Loopholes’ – Bringing Money Into The UK Tax Free(July 2010)
- Using Your Own Car for Work(June 2010)
- Tax Relief Boost for Business Owners(May 2010)
- Will We Pay Tax on Rental Income?(July 2010)
- Do You Pay Tax on Non-Refundable Deposits?(October 2009)
- How Can I Avoid Paying Council Tax on my Empty Property?(September 2009)
- What Costs Can I Claim For?(September 2009)
What Costs Can I Claim For?
We own a student flat in Aberystwyth. In tax year 08/09 it was only rented until June 08, at which point we decided to replace carpets, redecorate and update the heating units.
We were unable to find tenants for the flat after this work in August, so decided to put the flat up for sale whilst keeping it available to rent, knowing that a potential purchaser would be a buy-to-let buyer. After property values collapsed, we took it off the selling market and finally found tenants in June 09.
My question is:
Whilst it was unrented in tax year 08/09, can I claim for costs incurred such as insurance, service charges, electrical certificates, cost of advertising, replacing carpets and heating units (rented for only 2 months of the tax year)?
Arthur Weller Replies:
These expenses are allowable.
It seems from the way that you describe your situation that your rental business did not cease and you were actively looking for a new tenant. If you look on the Revenue website, in the Property Income Manual, pages PIM2220 and 2510, you will see that in these circumstances you are OK to claim for these expenses. To quote:
'Provided the property is genuinely available for commercial letting - and the landlord is actively seeking tenants - they can deduct the expenditure incurred on that property in the normal way. The test is whether the expenditure on the property is incurred for the purposes of the rental business or whether it is really incurred for personal reasons.'
- Don’t Expect HMRC to Help You(April 2010)
- When to Consider the VAT Flat Rate Scheme(January 2010)
- Transport Capital and VAT Allowances(November 2009)
- How to reclaim VAT (insider tip)(June 2009)
- Are you the “senior accounting officer” of a large company?(May 2009)
- Do you believe in using “green” technology wherever possible?(May 2009)
- HMRC puts live podcasts to help you business(March 2009)
- Claiming the VAT Back on Legal Costs(January 2009)
- Do you have 50 or more employees?(December 2008)
- Who is going to pass on the VAT rate cut?(December 2008)
Reasons to buy
- Very easy to read - written in plain english
- Written by UK leading and practising tax experts
- Guaranteed to minimise or avoid your tax liabilities
- Keeps you up-to-date with changes in tax legislation
- One month free trial (so you have nothing to lose)
