Hello, having recently bought a property which required a lot of work; for HMRC purposes what is capital and what is expenditure, as they are treated differently for tax purposes! Some work was necessary but not all.
Question
Tax (England)
Repairs -v- Improvements
Answer
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2 Comments
Please see this useful guidance by HMRC.
Thank you – I am not sure that it is an exact science but as long as I can back up what I do then it should keep me out of prison!! Your help is brilliant thank you.