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Wear and Tear Allowance Reform

 

 

From April 2016 the Wear and Tear Allowance for fully furnished properties was replaced with a relief that enables landlords to deduct the costs they actually incur on replacing kitchenware, furnishings and appliances in the property.

 

The relief should cover the cost of replacing like-for-like or the nearest modern replacement and the costs incurred in disposing the equipment replaced less any proceeds received for the assets being replaced (if any)

 

To account for the replacement of furnishings on SimpleTax

 

Click on the Property Page

 

 

Click on + Group Expenses

 

 

Select the expense Category from the drop down list

 

 

Click on SAVE

 

 

 

 

 

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