Homes Logo, Click to return to Homes homepage

    C4 Forums    Homes    Profit From Property    property profit and tax
Go
New
Find
Notify
Tools
Reply
  
  Login/Join 
One Silver Star
Posted
Hi anyone know if at the end of the year do you have to produce receipts for all the items you are claiming for.
such as cleaning, agents fees, travelling etc. Obviously i can produce receipts for travelling and items bought at shops but what about cleaning and maintenance which is just my time
nickandt
 
Posts: 21Reply With QuoteEdit or Delete MessageReport This Post
One Gold Star
Posted Hide Post
The Inland Revenue's line on this (as I understand it), is that you can only claim for things you have actually PAID for. Your time would not count because you haven't paid for it.

Keep as many receipts as you can to substantiate your claim against taxable rental income - you will need this if the Revenue decide to do an investigation. You can claim for things you have paid for but don't have a receipt for (such as car parking) but the Revenue may discount these if you have no receipt (and therefore no proof of the expense.)
Hope this helps.
 
Posts: 921Reply With QuoteEdit or Delete MessageReport This Post
 Previous Topic | Next Topic powered by eve community  
 

    C4 Forums    Homes    Profit From Property    property profit and tax