Alan Pink considers some of the commonest errors (in both directions) in landlords’ expense claims.
When the UK introduced self-assessment for tax purposes in 1996, the Inland Revenue (as they then were) – all credit to them – made an effort to simplify our byzantine system, and one of the beneficiaries of this was the property owner who lets out a rental property as an investment.
However, there are still many common misunderstandings of what the tax rules are, and sometimes landlords aren’t claiming everything that they are due.
Let’s have a look at some of the more common problem areas.
Repairs or capital?
Here’s an excellent example of a rule that is easy to state in words, but not at all