Work carried out to an existing or newly acquired property resulting in the property being improved or altered is deemed to be a capital expense, which is deductible in the capital gains calculation on sale.
Repairs such as painting and redecorating, mending broken windows, replacing tiles, etc. are an allowable deduction from the rental income.
If a business rents a commercial property and under the terms of the lease the tenant is required to incur the cost of repairs, then the expense is allowed against the profits of the tenant’s business in full as the cost is required to enable the business to continue.
This is a sample tip taken from our 165 page guide:
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