Wear and Tear allowance!

The Wear and Tear allowance for fully furnished properties has been replaced with a new relief that enables all Landlords of residential properties to deduct the cost of ‘like for like’ or the nearest modern equivalent on such things as;

- Furniture
- Furnishing 
- Appliances (including white goods) 
- Kitchenware 

This new relief also includes any cost incurred by Landlords for disposing of the old item.

Records need to kept to record the actual expenditure and exclude elements of improvements to the property.

All of this information can be provided by Hunters Accounts for you on your monthly statements. Should you, when submitting your tax return require addition copies please visit our landlord portal; Registration is easy – please follow the link; http://www.hunters.com/register-as-a-landlord and select the “Landlords Statement Online” button* 

This new wear and tear allowance came in to play for the tax year 6th April 2016. If you have any questions regarding the change please contact HMRC wearandtear.replacement@hmrc.gsi.gov.uk

*Only applicable for certain branches