Can you claim expenses incurred before a property is let?
02 Nov 2017
It’s always worth asking us about any expense you incur. For example, many of us know that when you own a property and have to spend a lot of money on it before letting it out, that expenditure is often deemed to be capital expenditure and not claimable against the future rent – it’s simply considered to be expenditure made on the property to bring it into the sort of condition in which it could be let out. But you don’t always have to miss out on the tax deduction. It’s a two-stage test, firstly one asks is the expenditure revenue or capital? And secondly, can it be claimed against the rent?