It is very likely that at some point your farmhouse and other buildings used in the farming business will require refurbishment, and it is important to be aware that whereas some repair expenditure can be relieved in the year it’s incurred (subject to a disallowed proportion for private use of buildings), alterations and improvements cannot. … Continue reading Tax Relief for Farmhouse Renovations
If you rent out a furnished property then you may be entitled to claim wear and tear allowance, which is deducted from your net rents, thus reducing the taxable rental income. Capital allowances are typically claimed on plant and machinery but cannot be claimed on furniture, furnishings or fixtures within a rental property. Instead, where … Continue reading Are you claiming wear and tear?