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Wear and Tear changes

Wear and tear changes 2016 rental property buy to letFollowing on from my earlier post, we now have details of the proposed changes to the wear and tear allowance for landlords.

It is proposed that the current 10% flat deduction for properties that are let furnished will be replaced with a new furnishings tax relief.

The new rules will mean that instead of only being claimed by landlords that let fully furnished properties, the new allowance will be claimable by all residential landlords that have allowable expenditure.

Allowable expenditure includes: furniture, furnishings, household appliances and kitchenware.

The new calculation of the allowance is as below:

Replacement Cost* PLUS incidental disposal/acquisition costs LESS any amount received on disposal

(* If the replacement is an improvement then replacement costs are limited to the cost of an equivalent item. Reasonable technological advances are however allowed.)

The new rules are proposed to apply from 6th April 2016.

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Accountant in Surrey

Are you looking for a personal tax specialist?

I built up my tax experience in industry and practice over 17 years before founding my own practice in 2006.

Based in Cobham, Surrey I can also help clients throughout the UK.

  

My goal is to make personal tax and accounts for the self-employed as easy as possible for clients

 

Award-winning Accountant

Small Business Saturday is the UK's most successful small business campaign. Only one hundred of the UK’s top small businesses are selected each year for the SBS100. They act as trail-blazers in the official count-down towards the annual event.

I was one of the alumni from the 2014 Small Business Saturday 100, resulting in two visits to Downing Street.

In the Surrey Digital Awards from 2015 - 2018, I was also the winner of several top awards.

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