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  • Allowable Expenses from Property Income

    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.