Can I just check my understanding of the reading of the UK Property Notes and the Claim Capital Allowances Notes
1) All expenses and capital items (as per capital allowances) should be put into Box 9, rather than compleing each separate box 6 -12 on the UK Property Form.
2) I do my return on a 'cash basis', so categories income/expenses/capital items all in the period they were received/purchased.
3) Items bought, such as a replacement sofa to replace a damaged sofa are claimable as a capital allowance and we can claim the full cost of such items against profit in the year it was purchase, as part of the Annual Investment Allowance (since the items we will be claiming are well under the £200,000 Annual Investment Allowance). However, since our income is less than £83,000 such items should just be included in Box 9, along with other expenses.
This message was edited 1 time. Last update was at 22/01/2018 13:05:16