Re: Land and Property Expenses
- From: Ronald Raygun <no.spam@xxxxxxxxxxxxxxxxxxxxx>
- Date: Fri, 14 Sep 2007 18:43:41 GMT
James wrote:
"Troy Steadman" <troysteadman@xxxxxxxxxxx> wrote in message
news:1189775523.264300.166980@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
On 14 Sep, 12:41, "James" <james-nom...@xxxxxxxxxxx> wrote:
I rent out five houses and manage them myself and not through
an agency.
What I want to know is can I claim my car running expenses, e.g.
Fuel. Road Tax, Car Insurance, Servicing, Repairs, etc. against
my rental income?
If I were you I would keep a log - date, start mileage, finish
mileage, purpose of journey. Then yes, why not...
Why do I need a log? Is this to prove my business use?
Yes, it isn't really good enough to use estimates.
You can then do one of two things. Either put down as expense a
mileage allowance (40p per business mile for the first 10k, 25p
for each additional mile). Or else use the business mileage and
the total mileage to give you a proportion and expense that fraction
of *all* the car's running costs plus capital allowances.
The mileage allowance method is often better because it's simple.
I estimate that I use my car around 80% of the time in servicing
the properties and collecting the rents, etc. with 20% personal
use.
Sorry, but that sounds over the top, and is just asking for trouble,
in terms of attracting an investigation by the tax man.
Collecting rents? That went out with the ark! Get your tenants to
pay their rent by standing order.
Servicing? What does that involve? I do about 13k miles a year
in my car. I rent out only one property, but the mileage I do for
that is unlikely to exceed 50 a year, and I'm baffled how yours
could be so high. How far are the properties located from where
you live (sorry, from your property empire's "office")?
.
- Follow-Ups:
- Re: Land and Property Expenses
- From: James
- Re: Land and Property Expenses
- From: Troy Steadman
- Re: Land and Property Expenses
- References:
- Land and Property Expenses
- From: James
- Re: Land and Property Expenses
- From: Troy Steadman
- Re: Land and Property Expenses
- From: James
- Land and Property Expenses
- Prev by Date: Re: Land and Property Expenses
- Next by Date: hot sell nike adids jordan dunk puma
- Previous by thread: Re: Land and Property Expenses
- Next by thread: Re: Land and Property Expenses
- Index(es):
Relevant Pages
|
|
