Renting flat out - allowable expense whilst living in it?
Discussion
I'm looking to move abroad for a year in January, and i'm looking to rent my flat (that I currently live in) out whilst i'm away. There's a few things i've put off that need sorting before renting it out. (Needs a repaint inside (is a 7 year old newbuild), some blinds need replacing, and a broken tap needs replacing).
My question is, could I get all this done now, in preparation for renting it out in 6 months time, and still be allowed it as an allowable expense? I.e I get the benefit of living in a nicer flat for 6 months before the tenants would be moving in. Or would HMRC look at it as not being wholly and entirely for the purpose of letting of the flat, as i'd get personal benefit from it.
I have an accountant who specialises more in contracting, and he said that basically as it's work done in the same tax year as when i'll be getting rental income, it should be fine. However i'm slightly more cautious in case I did get picked for review.
My question is, could I get all this done now, in preparation for renting it out in 6 months time, and still be allowed it as an allowable expense? I.e I get the benefit of living in a nicer flat for 6 months before the tenants would be moving in. Or would HMRC look at it as not being wholly and entirely for the purpose of letting of the flat, as i'd get personal benefit from it.
I have an accountant who specialises more in contracting, and he said that basically as it's work done in the same tax year as when i'll be getting rental income, it should be fine. However i'm slightly more cautious in case I did get picked for review.
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