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Holmes1308
- Topics: 34
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sir when we make that income tax proforma which starts from trading income, goes on to include employment, interest, dividend income and Property income. then in that Property income section, do we include the earnings from FHA??
Tax Tutor
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Yes it is property income
givankala22
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Hi,
First time posting question, not sure if I am at right place,
For buy to let property, is boiler replacement allowable expenditure ?
Thanks
Tax Tutor
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I would assume a boiler to be a part of the property and would not therefore be eligible for domestic items relief even if the property was let furnished and would therefore be treated as a capital cost and would be deducted as an allowable cost in computing any chargeable gain arising on disposal
Holmes1308
- Topics: 34
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talking about @givankala22’s doubt, boilers are for the use by the tenant(like any other domestic item) and the TX-UK FY19 rule is that cap ex. only on any asset used for the upkeep of the property (like CCTV cameras, lawn mowers ) are deductible but cap ex. like on anything else, say, domestic items cannot be set off against property income(at least not when they are bough for the first time). So how is this possible that we would be able to set off capital ex. on a fixture like boiler against our PI?
Tax Tutor
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I think you need to read my answer again – the cost is NOT set off against property income.
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givankala22
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