If you rent out a property there are many allowances you can claim to reduce your tax bill, one of these is wear and tear allowance.

Wear and Tear allowance is available if you let a property furnished. You can’t claim capital allowances on things such as furniture, furnishings or fixtures in the property, instead a deduction can be claimed as follows:

– a wear and tear allowance of 10% of the net rent from the furnished letting or

– the net cost of replacing a particular item of furniture, but not he original cost of purchase – this is called a renewals allowance.

If you would like more help on the allowances you can clam when renting a property click here and we will be please to help