T
tommyw
Guest
Did my tax return for 2003 last october. Just got back a balancing statement from the revenue.
In my tax return in the section on 'rental income', there is a line which gives a sub-total on the 'amount of income after expenses but before capital allowances'. Then there is a separate line for 'capital allowances'. I put the wear&tear allowance in the capital allowances line. Is that correct? Reason I'm asking is that the revenue have taxed me on the 'income less expenses' line, without taking any account of the wear&tear capital allowance. I can't see where else they've allowed for the wear&tear amount. Can someone advise? Presumably I can go back to them for clarification?
In my tax return in the section on 'rental income', there is a line which gives a sub-total on the 'amount of income after expenses but before capital allowances'. Then there is a separate line for 'capital allowances'. I put the wear&tear allowance in the capital allowances line. Is that correct? Reason I'm asking is that the revenue have taxed me on the 'income less expenses' line, without taking any account of the wear&tear capital allowance. I can't see where else they've allowed for the wear&tear amount. Can someone advise? Presumably I can go back to them for clarification?