Dear Reader
I need to revise my 2017/18 because of an omission of certain finance costs that were not claimed.
.
In Sep17 I re-mortgaged my commercial properties with another lender. Other then the interest I was additionally charged approx. £25k of Fees.
This includes Broker fee, Building Valuation Fee, Security Fee, Lending Fee and Legal fees. Of these £17k of Security and Lending Fee were inadvertently omitted by my accountant as it was added to the loan.
Now my accountant says that these particular fees cannot be wholly expensed as incurred but has to be amortised over the loan period for tax.
Is he correct? I have asked for a reference to the tax law or an example but he cannot find one and I have searched all over and I cannot find it either.
Can someone please help.
The properties are in my wife and my name jointly.
"
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