Forum

• # 80781
• Tue 13 Mar 2012 11:12 AM

Hi All,

I have tried searching various sites but cant find the answer to my question, so I wondered if anybody could shed some light.

I have a client who travelled for a year and let out their property in the meantime. They put their possessions and furniture into storage. Could the cost of this storage be classed as an expense for tax purposes?
My initial thought was no because its personal items that usually would be taken with them to a new property or sold but having thoght some more, they wouldn't have needed to have encountered this expense if it wasn't for the fact that the property was to be let, meaning it is wholly for the use of the 'business'. Now I'm confused!They returned after a year, continued to rent the property and bought a new house and the goods came out of storage.
Any help gratefully received.
Many thanks



 

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• # 81020
• Tue 20 Mar 2012 09:57 PM

Hi all,

Since no one replied, I guess that's because nobody knows. I just thought I'd up date you for future information.I called Hmrc's agent helpline and they told me no, they can't claim storage costs as it is their choice to put their goods etc into storage, not an expense of letting the property. They also said they are asked this question approx every other week!

Thanks for viewing.

Karen 

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• # 81037
• Wed 21 Mar 2012 11:35 AM

Hi Karen

Thanks for sharing this.

Did you contact the ICB technical helpline at all with this issue. (Just asking for the sake of interest).

Kind regards
Stuart      

• Forum Moderator, South East & Greater London Regional Chairman
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• # 81041
• Wed 21 Mar 2012 11:47 AM

Hi Stuart,

No I didn't but if I didn't get an answer from Hmrc I would have done.

Thanks

Karen 

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