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Question

England | Pre-tenancy (England) | Tax (England)

How to record second hand goods on Self assessment?

23 Mar 2021 | 1 comment

Hi!

I would appreciate some advice on how to record this expense on tax return. Our tenants tumble dryer broke and  we replaced it with a spare second hand one we had in a garage. We have not bought it, so no receipt, but it obviously is a loss to us, as we could have sold it online for example for cash or if we had to buy a brand new one for a tenant, it would have cost more and would have incurred a tax relief.
Any advice or HMRC guidance will be much appreciated!

thank you!

Answer

1 Comment

  1. guildy

    Not sure to be honest!

    The guidance here seems to indicate it must be an “expense” or “cost” wholly used for the business when explaining what can be deducted.

    Not sure if this can be classed as such.

    The best advice we could give is to speak to your accountant.

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