[rɪˈpleɪsmənt ɒv dəʊˈmɛstɪk ˈaɪtəmz rɪˈliːf]
Replacement of domestic items relief allows landlords to claim tax relief on the cost of replacement of domestic items used solely by the tenant.
Replacement of domestic items relief is a tax relief programme in the United Kingdom that allows Landlords to claim tax relief on the cost of replacement of domestic items like furniture, kitchen appliances etc.
To qualify for the tax relief, domestic items must be solely used by the tenant and the new item can't be a significant improvement to the item that is being replaced.
The property must be furnished and the tax relief cannot be claimed alongside other tax relief schemes like the Rent a room scheme.
This tax relief can be claimed when filing a Self Assessment.
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.
Read more
Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.
Read more
