Please note: The SimpleTax system calculates the Wear & Tear amounts for you. You will therefore not have to put in any additional amounts for wear and tear in expenses.
SimpleTax calculates Wear & Tear by subtracting allowable expense i.e.charges and services that would usually be borne by the tenant but are in this case, borne by the yourself (such as water and sewerage, council tax etc) from Rental Income to get the Net Rent
We then multiple the Net Rent by 10% to get the Wear and Tear amount
To claim your Wear and Tear allowance:
- Click on the Property Page
- Select the YES radio button to acknowledge that the letting is furnished
- Click the YES radio button to claim Wear and Tear