Hello,
I own and rent out a property in the UK. Some work was done in the bathroom in March 2019 which cost £165. The money was deducted from that months rental income from the letting agent.
However, the bath repair actually shows up in May's statement, as the actual work was done in May according to my letting agent, which is the new tax year. The revised sum for the repairs was £145, which is £20 less than originally taken off my rental income in March, hence I was credited £20 more in May, which is a different tax year.
I am now doing my 2018/2019 tax return. I want to know if the £165 deduction in March is tax deductible for the 2018/2019 tax return, or do I need to wait until 2019/2020 tax return offset this? According to my letting agency, the now £145 sum cannot be deducted for 2018/2019, as the actual work took place in May and that the £165 had been set aside in March and deducted in March from my rental income, but due to delays to the work, the work actually occurred in May and came in at £145. However, as far as I cam concerned, I received £165 less rental income in March and want to off set this loss for 2018/2019. Who is right?
Many thanks.
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