• business
  • accountancy
  • business
  • specialist
  • market
  • annual inflation
  • average weekly earnings
  • consumer prices index
  • exchange rates
  • ftse 100 index
  • house prices index
  • interest rates
  • retail prices index
  • tax rates &
  • beneficial loans
  • business expenditure not repaid by employer
  • business premises renovation allowance
  • capital allowances
  • capital gains
  • car & fuel benefits
  • companies house - statement & PSC
  • corporation tax
  • directors loans
  • furnished property
  • income tax tax rates
  • income tax reliefs
  • inheritance tax
  • isa, jisa & child trust fund
  • main social security benefits
  • mileage allowance
  • national insurance contributions
  • national minimum wage
  • pension premiums
  • rent a room relief
  • stamp duty & stamp duty land tax
  • tax credits
  • travel allowances - company cars
  • use of home as office
  • vat
  • vat alternative schemes
  • vat fuel scale charges
  • vat penalty & interest charges
  • information
  • starting up in business
  • general business
  • corporate & business tax
  • vat
  • employment issues (tax)
  • employment & related matters
  • personal tax
  • capital taxes
  • pensions
  • information & communications technology
  • specialist areas
  • downloadable
  • hm revenue & customs
  • companies act 2006
  • useful
  • government
  • start-ups
  • business information
  • search engines
  • business news
  • tax

    Furnished Property

    Abolition of 10% wear and tear allowance

    Landlords of fully furnished residential lettings are currently able to claim a deduction of broadly 10% of gross rental income.

    This is to compensate for not being able to claim any tax relief on the capital cost of fixtures and fittings.

    The wear and tear allowance was abolished from the 2016-17 tax year and replaced by a deduction for the replacement cost of any existing capital items such as free-standing fridges, beds, sofas etc.

    Unlike the wear and tear allowance this new relief is also available for partly-furnished properties.

    To claim any replacement costs receipts for the expenditure must be kept and evidence that it is a replacement may be necessary as the relief is not for additional assets only replacement assets.

    Back to Top

    Click Here to download the current tax year's abacus Tax Tables pdf booklet

    Click Here to download the previous tax year's abacus Tax Tables pdf booklet











    copyright privacy terms & conditions disclaimer help cookie policy
    © abacus Franchising Company Limited