Hi all,
I have been self-employed in the media for many years. I also own a second home which I want to let out far more than in the past. In order to bring it to rentable condition, I am incurring ongoing maintenance costs, e.g. cleaner, gardener, and have invested in a new kitchen, and bathroom, for example. Friends and family have rented it this summer or a non-commercial basis, paying me a nominal sum. I am keeping separate accounts for the property and have just opened a new bank account dedicated to the property.
What I want to know is whether any of my expenditure on the property can be counted against my media self-employment profits, or whether it is only deductible from the rental income.
For example, I have earned in this year about £500 in rental income, and spent about £2500 on bills, maintenance and improvements. Am I only allowed by HMRC to count the expenses against the rental income, or can it be counted against my general profits as a self-employed media person, out of which I am paying for the maintenance and improvements on the second home?
Thanks in advance.
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