IATI - TAX Schedule D. Case 1

John Mason

Hi wonder can any tell me when repairs are allowed. I have a question where reparis to timber flooring is allowed but repairs to windows are not.

my ta lecture didnt know why some were allowed and some werent.

Smashey, if you think this is might be better accountancy, please feel feel to more it

thanks

IB

smashey

irishbird wrote: »

Hi wonder can any tell me when repairs are allowed. I have a question where reparis to timber flooring is allowed but repairs to windows are not.

my ta lecture didnt know why some were allowed and some werent.

Smashey, if you think this is might be better accountancy, please feel feel to more it

thanks

IB

Hi IB, i think you'll get a better response over there.:)

Moved to accountancy.

Mr. Incognito

Schedule D case 1 is trading income.

I think you mean case V which is rental income and the deductions that are allowed.

capital expenditure is allowable against case 1 income.

repairs are an allowable deduction against rental income. (pre-letting expenses are generally not allowed though)

The difference between capital expenditure and fixtures and fittings- a good rule of thumb is if the benefit is "permanent" it is capital. Floors are permanent fittings- windows are not.

John Mason

thanks, that is great

you are a star