Hi,
We bought a property in Dec 2019, with the aim of renovating it and then renting it. We have a small number of BTL properties. We are currently renovating it and hope to complete the renovations in August 2020. We are living in the property whilst we renovate, we do not have a "home" property at the moment that we could move into. Normally we would expect to be begin to advertise the property before letting it and moving out. Our plan was to go travelling after we completed the renovations, but owing to Covid-19 our plans are on hold. Our current plans are that we will continue to live in the property until we begin our travels, likely to be during Spring 2021 at the earliest
My questions are around completing our 2019 and 2020 tax year in respect to allowable expenses with regard to this property.
1. We expect to claim our allowable renovations costs up to March 2020. Is this true?
2. What other allowable expenses are we able to claim? Council tax? Water rates? Utility bills such as gas and elec?
Thanks in advance
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