Can I deduct my time as an expense if I perform emergency repairs?
My tenants arrived back from hols to find water pouring in through a leaking roof vent down via a 9inch pipe connected to an en suite extractor fan.
I couldn’t get a local trades person to attend despite spending a full morning of calling. My tenants have and continue to be brilliant, but despite their understanding I felt obliged to fix the problem, not wanting it to get worse for them and me.
I was able to fix the vent, refit and insulate the extractor vent. The materials cost was approx £65, which I’m confident is an acceptable and permissible expense.
But what about my time and labour? It was a 40 mile round trip to do the first inspection, then a morning spent buying materials, a second 40 mile trip then a couple of hours performing the repairs.
If possible what would be a reasonable cost? Base it on getting a quote from a trades person?
Any help and advice gratefully received.
Thanks
James
12 comments on this article
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Personal to Limited Company
Member Since November 2017 - Comments: 2
2:17 PM, 8th November 2017, About 9 years ago
Reply to the comment left by Graham Bowcock at 08/11/2017 – 13:59
Thanks Graham, makes sense. Echoing Neil’s time is profit comment. Much appreciated.
Member Since November 2016 - Comments: 47
9:56 PM, 9th November 2017, About 9 years ago
Reply to the comment left by Gabriela S at 08/11/2017 – 11:29
This is a perfectly good practice as long as rates so unreasonable as to be challenged by HMRC. You still need to need enough net property income to allow the 20% tax credit arising from interest paid to be offset against income tax relating to the property (because this tax credit cannot be used to offset other income tax)