If you let furnished property, you can claim either a deduction for wear and tear for the furnishings, or the cost of renewing individual items. Ask us to work out which would be better for you. You cannot claim capital allowances for the cost of fixtures, fittings or furniture used in let residential property, also known as ‘dwelling houses’. The Tax Office is clear about this, and recently clarified what it means by dwelling houses in Brief 45/10. There are different rules for property let as furnished holiday accommodation.

CLICK HERE - R&C Brief 45/10

CKLG Accountants in Cambridge are here to help.