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Where Taxpayers and Advisers Meet

Pre-trading expenses

Kimbo
Posts: 1
Joined: Fri Feb 14, 2020 2:29 pm

Pre-trading expenses

Postby Kimbo » Fri Feb 14, 2020 2:33 pm

I have bought a flat on the 7th of February to put on the short term holiday let market. I am doing a huge amount of renovation, like for like. My question is I probably won’t have the property on the market to let until after the tax year ends in April 2019-2020. Can I use my receipts from the renovation for next years tax return 2020-2021? Should I do a tax return for this year in April?

Jholm
Posts: 108
Joined: Mon Mar 11, 2019 4:22 pm

Re: Pre-trading expenses

Postby Jholm » Fri Feb 14, 2020 5:10 pm

Possibly but a breakdown and more detail would be needed. For a furnished holiday letting (assuming it qualifies for tax purposes), you can claim capital allowances. I would strongly advise you appoint someone to act for you. It could save you thousands.


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