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Landlords Should Wait to Replace Furniture

February 12, 2016 | Landlord News  

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Whilst it is not common advice to tell landlords not to do something that would benefit their tenants, this year discretion and patience is advised when it comes to replacing furniture.

On the 6th of April this year, landlords will see a significant change to current taxation laws where the Wear and Tear tax will be replaced, and instead replacements of furniture that benefit tenants will become deductibles as part of the new legislation, where previously landlords of full or part-furnished properties would be left with this as expenditure.

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HMRC have also stated that they will be providing a comprehensive guide to what does and does not classify as a direct improvement, especially where improvements come about due to technological improvements, so that landlords will have a much easier time working out what they can and cannot receive as relief.

These changes will be substantial enough that Let-Leeds is advising Landlords to hold off on any minor furnishing improvements they are planning on making until after this changeover to maximise the benefits.

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