Urgent Info needed please

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Andyh176
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I am about to complete on a property that I intend to let out, however I have just found out that there is a serious rising damp problem that could cost up to 1700 to repair.

My annual rental income from the property will be 5520 which (please tell me if I'm wrong) I will have to pay the taxman 20% income tax ie 1104.

Can somebody tell me, is the full 1700 repair bill tax deductible? and does that effectively wipe out the 1104 I'd owe the taxman next year?

Thanks in anticipation of any replies

Andy

05/05/2010 00:00

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