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Posted Wed, 27 Nov 2024 08:24:19 GMT by Kazi Rahman
Hello Sir I have recently renovated my property. The renovations took longer than expected. The project lasted from 2021 to 2023. While the renovations were going on, I did not have any rental income. When I submitted my annual income taxes, I did not deduct any expenses for the renovations, becuase I was too busy actually doing the renovations and health issues. I merely filed an income tax, which stated that I did not have any income. My question is: 1. Would I be able to deduct renovation costs—specifically, the cost of plastering, painting, and replacing doors—from my revenue income? 2. Would I be able to deduct all of these costs in 2023-24 (tax year) even if I incurred the costs in 2021 and 2022 but failed to record them on my tax return during the previous tax period? 3. Would I be able to deduct the council taxes and other utilities for the period of 2020, 2021 and 2022 from my income in 2023-24, since my property was empty during that period? Thank you.
Posted Fri, 29 Nov 2024 11:50:32 GMT by HMRC Admin 21 Response
Hi,
More information is needed before this can be confirmed and you will therefore need to contact us direct on 0300 200 3300 for advice.
Thank you.

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