Relief for Rental Property Repairs
So, you’ve bought a rental property and once extensive repairs have been carried out to bring the property to a habitable state, you assume that you can offset said expenditure against your rents, thus receiving income tax relief? You may be shocked to learn that this...
Are Your Farm Repairs Tax Deductible?
When carrying out extensive repairs to maintain their premises a farmer may assume that, without question, these repairs will be offset against the business income received thus reducing the tax bill for the applicable accounting period. HM Revenue and Customs...
The Battle Rages On…
The ever present, ever contentious issue of capital expenditure versus revenue expenditure has made another appearance in a recent tax tribunal. The case of Hopegear Properties Ltd v HMRC follows on from the Cairnsmill Caravan Park Case in that we see another victory...