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