9:08 AM, 14th April 2022, About a month ago 4
Last year I had 2 properties vacated and decided to sell them both. I have owned both for around 16 years and they have been tenanted during that time
To improve the resell value, I had both redecorated and new carpets throughout
Normally I would put both the redecorating and replacement carpets as a revenue expense in that year if I was planning on re-letting
However, as I have no intention of reletting and the cost of redecoration and carpets was to improve the sales value – should they actually be classed as capital expenses and not revenue.
Any thoughts appreciated before I get stuck into my tax return.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Next ArticleDo I have to provide a cooker and hob?
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|