Tax changes may impact maintenance of furnished properties
A planned change in landlords’ tax allowances may discourage property maintenance on furnished properties over the coming months. As of next April, landlords will only be able to deduct costs that they actually incur instead of the existing 10% ‘wear and tear’ allowance. Research from chartered accountants, HW Fisher & Company, appears to suggest that many landlords will postpone such maintenance until the new rules come into force. Figures from the study indicate that 31% or residential landlords intend to spend less than £250 on maintaining furniture and fixtures in the current tax year, compared to previous tax years, when 86% of landlords said that they usually spend more than £250 per year.
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