X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Buy-to-Let

    First year books for BTL property

    Hi

    I am new to investment property and this year I bought (May) renovated and then rented out in September. As the property was in a lettable condition i have only made repairs to the property but spent around 10k. I understood that this are all allowable expenses in 18-19 tax year. Thats fine but my question I buying another property in similar condition (currently being let) and i will have the keys in late Jan 2019, I am planning to replace pvc windows, kitchen and bathroom for like for like replacements and planning on spending around the 10k mark again. These again I'm classing as allowable expenses for the property and will be in the 18-19 tax year. So do i simply treat my 2 properties as a whole? so i will have £20K worth off deductions along with all other expenses etc.. plus rent.

    Obviously I'm planning on carrying this loss over to next year and carrying on like this?

    The properties are owned in my name and I'm basic rate tax payer?

    I was just planning to complete a self assessment tax form when required.

    I hope i have explained that OK as sometimes hard to put into words. Any advice /info would be massively appreciated as you can I'm just starting out on my property investments

    Thanks

    0
    0

    This is one for PT's recommended partner, https://www.Rita4Rent.co.uk  -  they can be contacted on 0800 1 22 33 57

    0
    0

    FOR INDEPENDENT MORTGAGE AND INSURANCE ADVICE

    PROPERTY TRIBES FINANCIAL SERVICES

    http://www.propertytribesfinancialservices.com

    http://www.propertytribesfinancialservic...contact-us

    CONTACT US FOR LIFE INSURANCE QUOTES AND STRATEGIES.  PORTFOLIO MORTGAGES (VARYING TERMS) COVERED

    http://www.propertytribesfinancialservi...statement/