8:51 AM, 24th February 2014, About 8 years ago 2
I am in the process of purchasing a property, it is currently tenanted but the property is being sold with vacant possession.
Given the age of the property (~ 110 years old) I have had a full building survey completed. Based on this I am looking to undertake the following works:
Improve damp protection & ventilation
New pitched roof and flat roof for extension
Only the damp and ventilation issues are required immediately, the remainder are jobs that will need doing in the next 3-5 years.
I am slightly confused as to which work can be expensed against income and which needs to be set off against capital costs?
My feeling is all bar a percentage of the kitchen could be offset against income, while the kitchen should be 50/50 as it is being enlarged. I have read the HMRC guidance and really that doesn’t help.
Can people offer any guidance on their experience?
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