Expenses incurred on investment property

[Haille]

I purchased an investment property 3 weeks ago.If I decide to let it short termi is it possible to claim for refurbishment expenses incurred against rental income in between lettings.House is need of refurbisment eg. new bathroom ware and paint. Do I need to have a short term lease agreement in place? I understand that if I carry out refurbishment first I will not be entitled to claim expenses incurred against rental income.

 

[webtax]

You are correct in saying that the pre-letting expenditure is not allowable (unless it relates to letting fees, advertising etc.) Once the premises has been let:
- expenditure on additions, alterations or improvements are not deductible so be careful about what items you try to claim
- expenditure on repairs (e.g. painting) are deductible
- expenditure on furniture & fittings (e.g. bathroom ware) are claimed through the wear & tear allowance