Hello, I've got some questions about carrying losses forward.
I bought a property in 2016 but have not received any income from it until 2018.
1. Can the costs incurred in repairing the property prior to letting it (from 2016 - 201 be included in losses to be carried forward?
2. Can you give examples of what differentiates repairs to make the property habitable/letable, which I understand are allowable expenses and new additions? E.g. I have had rewiring carried out on the advice of the surveyor, damp treated, roof repairs, front door replaced to comply with insurance requirements, carpets replaced due to destruction during rewiring etc. Which of these can be counted as allowable expenses?
3. For how long can the losses be carried forward? Eg if my costs were £10,000 between 2016 and 2018 and I receive £1000 in 2018 - 19 can £9000 be carried forward to 2019 - 2020 and further into future years if necessary?
4. Can you give an example of how to show losses incurred before letting the property and losses carried forward in the Self Assessment form?
Many thanks for any help and advice you can give.