I have been living in my PPR for over 2.5 years and have decided to relocate. As we have aaccumlated a lot during this time most of it will be taken to our new abode resulting in a number of new items having to be purchased for the new tenants.
Question:
Is there a time limit within which expenses for the property have to be bought i.e. if a suite of furniture, beds, paint etc are bought today but the property is not let until say 3 months time are such expenses allowable as a deduction against rental income?
Eg: would paint I but now be allowable as a deduction if the property is let in 2/3 months time?
It was mentioned on another site that expenses can only be incurred during the letting period i.e. paint can only be written off if it was purchased during the letting period and the repairs were carried out which the tennants were in the house.
Understandbaly I would like to be able to write off any expenses incurred on the property against future income but rather than have to buy everything at once and to assist with my cash flow it would be preferable to acquire the various bits and make the necessary changes over the coming months.
Cheers