I received a payment from my Insurers for fire damage to a rental property during the 2004/05 tax year. Some preliminary works have been done and the main work is about to start.All the work will be completed and paid for by Summer 2006.
What do I need to put on my 2004/5 tax form?
Fire Insurance Payment
4 posts • Page 1 of 1
by david_uk_12345 on Thu Jan 12, 2006 11:48 pm
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by deanshepherd on Fri Jan 13, 2006 1:09 am
As the cost of repairs will be covered by the insurers you do not need to include anything in your rental accounts, except any excess you may have paid.
If the insurers are also paying out for loss of rental income then this will need to be shown as income in your accounts.
Dean Shepherd
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk
If the insurers are also paying out for loss of rental income then this will need to be shown as income in your accounts.
Dean Shepherd
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk
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by david_uk_12345 on Fri Jan 13, 2006 3:34 am
I have put the insurance premiums down as an expense against rental income.
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4 posts • Page 1 of 1
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