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Property busness

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Property busness

  • This topic has 5 replies, 3 voices, and was last updated 4 years ago by Tax Tutor.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • July 6, 2020 at 10:59 am #576104
    Holmes1308
    Member
    • Topics: 34
    • Replies: 16
    • ☆☆

    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??

    July 6, 2020 at 12:09 pm #576116
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Yes it is property income

    July 9, 2020 at 2:07 pm #576423
    givankala22
    Participant
    • Topics: 0
    • Replies: 1
    • ☆

    Hi,

    First time posting question, not sure if I am at right place,

    For buy to let property, is boiler replacement allowable expenditure ?

    Thanks

    July 11, 2020 at 11:30 am #576568
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    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

    July 15, 2020 at 3:25 pm #576894
    Holmes1308
    Member
    • Topics: 34
    • Replies: 16
    • ☆☆

    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?

    July 15, 2020 at 5:03 pm #576910
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    I think you need to read my answer again – the cost is NOT set off against property income.

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