I would be grateful for some assistance in the following matter:
I live in the UK and have an apartment overseas that I advertise on one of the more popular advertising websites, however the no. of bookings taken in the last financial year was way less than the 10 weeks minimum required to class the property as a overseas holiday let.
By the way, this is my first year of submitting a tax return.
I've been told that I can't claim for any purchases made of furniture or equipment and when I file online the loss calculation is carried over to the following tax year leaving me with a fairly large amount of tax to owe the revenue.
The wear and tear allowance comes to next to nothing so there is no point going down that route.
Is there any way of offsetting some of the loss to cancel out the charges owed for the '08-09 tax year rather than carrying all of it over to the '09-'10 tax year?
Any assistance in this matter would be much appreciated.