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Urgent Info needed please
Tax Planning and Financial

Andyh176
Andyh176
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23 Posts
13 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

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