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Where Taxpayers and Advisers Meet

Capital allowance

kanrent
Posts:83
Joined:Tue Dec 16, 2014 8:20 am
Capital allowance

Postby kanrent » Tue Sep 14, 2021 5:55 am

Hi I recently did some improvements to my rental property (not repairs), can anyone tell me how I claim for these improvements?
Do I have to fill in box 35 sa105 or mention the improvements on my annual property pages self assessment.
Or do I just keep the recipes and claim from my CGT when I sell the property.

Jholm
Posts:219
Joined:Mon Mar 11, 2019 4:22 pm

Re: Capital allowance

Postby Jholm » Tue Sep 14, 2021 9:26 am

Most likely costs to be used for capital gains tax upon future sale/transfer.

However, what are the works specifically?

Please note capital costs for CGT and capital allowances are two different things.

kanrent
Posts:83
Joined:Tue Dec 16, 2014 8:20 am

Re: Capital allowance

Postby kanrent » Tue Sep 14, 2021 2:36 pm

specifically its a fitted kitchen where there was no kitchen before just a table
And a fitted carpet where there was no carpet before just sanded and varnished floor boards.
I was advised my the letting agent to have this property modernised so I could rent it out.
Really my question is do I have to mention those things on my annual tax return
Or wait until I do an assessment for CGT


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