This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Help needed on property income tax issue

Propertyrent
Posts:1
Joined:Wed Mar 03, 2021 9:05 pm
Help needed on property income tax issue

Postby Propertyrent » Wed Mar 03, 2021 9:12 pm

Hi I wonder if anyone can help, I am retired and have no income Apart from savings interest, I have recently purchased a property To let out , and have spent some money On replacement carpets and painting walls etc, which are deemed tax deductible, but due to it being one month away from financial year end, by the time I get a tenant this year will mean I have no income but expenses to deduct. Do I Not submit the expenses until the following year when I have income to deduct from. Many thanks for any help

pawncob
Posts:4697
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Help needed on property income tax issue

Postby pawncob » Thu Mar 04, 2021 12:30 pm

You could submit this year and create a loss to carry forward against next year's profit, or just leave it until next year. No one's going to be worried either way.
With a pinch of salt take what I say, but don't exceed your RDA


Return to “Property Taxation”