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Many will be aware of capital allowances, but did you know that you can benefit from income tax relief by using capital allowances calculated on when you originally purchased the property?
This is providing it is in use as an HMO, furnished holiday let or a commercial property.
It is likely that your Accountant will have claimed for depreciation on furnishings, carpets, equipment and the like but has this been extended to central heating costs, fire alarm system, security. Unlikely, as HMRC say that 96% of allowable capital allowance relief still has not been claimed.
HMRC guidance gives landlords of HMO’s and holiday lets the right to claim tax relief by assessing the estimated value of allowable assets at the time of purchase; as such things such as central heating and plant, fire alarms, carpets and the like within common parts are potentially allowable. Typically 15% of the purchase price.
These allowances may be offset against your present and future taxable income.
The rules are complicated but well worth looking in to. More information can be found on the HMRC website.
