Urgent Info needed please
Tax Planning and Financial

Andyh176
Andyh176
0 Thanks
23 Posts
12 years ago
0
I am about to complete on a property that I intend to let out, however I have just found out that there is a serious rising damp problem that could cost up to £1700 to repair.

My annual rental income from the property will be £5520 which (please tell me if I'm wrong) I will have to pay the taxman 20% income tax ie £1104.

Can somebody tell me, is the full £1700 repair bill tax deductible? and does that effectively wipe out the £1104 I'd owe the taxman next year?

Thanks in anticipation of any replies

Andy

Please Login

You must be logged in to participate in our forums, to continue please login below.

Not a member? From only £75 you can join in the discussion and get access to member's only resources and services join now.