As a sole trader I am aware of the basic expenses I can claim for my BTL property. However, in the last 12 months I invested in another BTL. My question is, can I claim such things as solicitor fees, searches, surveys, stamp duty etc as an expense on the new BTL ? I am aware I cannot use the actual cost of the property as an expense (or can I ?), but can I claim for these significant costs as it was purchased purely for a BTL which is already now tennanted. Appreciate anyone who can help with this.
Hello @jlc2016
Its not something the support team can comment on I’m afraid, I would recommend speaking to a registered accountant or HMRC for professional advice.
I will leave this post open for now as there are some accountants on the forum who may comment.
Thank you - Any guidance at all would be great.
Thank you Steve - that is fine - you can delete the thread
Hi, you would be best to get advice from an accountant specific to your circumstances, but generally speaking, costs associated with the purchase of a property are not business expenses, they are capital costs. They can be used to reduce any future gain on the sale of the property, but can’t be offset against your rental income.
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