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Tax Returns on Let Property

Hi

I have a couple of question regarding my tax return I am completing. Whilst travelling last year we rented our flat out.

1/ before leaving the UK we spend a couple of months repainting & installing new kitchen and bathroom (no real improvements of facilities except for the additional of a power shower). Can I claim for the costs for the decoration works including the bathroom and kitchen as repair costs even though the cost were incurred a couple of months before the renting period started? Or are the kitchen and bathroom costs considered capital improvements? I should add we were living in the property whilst the work was taking place.

2/ As the decoration works was caried out by ourselves we have no labour receipts. Can we made an allowance for the costs of our time?

3/ We have since returned from travelling and have moved back (about 1 month ago) into the flat which has just been sold. This is our only property. Are we liable for capital gain tax on the sale?

Any help would be useful as I want to ensure I claim what I am entitled to only.

Many thanks

Paul

Reply to
paul.batch
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You could have a look at this for the rent.

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I would say the answer to 2 is definately no. Not sure about the Capital Gain - sometimes this can get complicated but your main residence is exempt. I am not sure how renting the property affects this - but instead of reading through the guidance hopefully someone can give a simple answer.

Reply to
x.x

Probably not. The fact that you were living there as your PPR at the time will probably negate any claim that you might have

Most definately not! No qualifications to that answer whatsoever.

Much more information needed (and if you are lucky Ronald will work it all out for you)

The first piece of info is, what dates was it rented?

tim

Reply to
tim (moved to sweden)

It's better to cross-post than to ask the question here and in uba (and dear knows where else) separately. That way, it gets answered in both (all) places automatically.

Answered there, and I'm not repeating it here.

Reply to
Ronald Raygun

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