How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask TaxAssist Your Own Question

TaxAssist
TaxAssist, Accountant
Category: UK Tax
Satisfied Customers: 3
Experience:  More than 15yrs as a CPA and managing multiple companies at the same time
75056857
Type Your UK Tax Question Here...
TaxAssist is online now
A new question is answered every 9 seconds

Hi. Depreciation: what amount can I depreciate a multiple-apartment

Resolved Question:

Hi. Depreciation: what amount can I depreciate a multiple-apartment rental property annually please? I understand about timing this (as in when to start the depreciation), despite doing a retrospective calculation.
I'm not using software, so could you just advise of the percentage and period allowed, so I can built the depreciation table? Thanks very much
Submitted: 1 year ago.
Category: UK Tax
Expert:  TaxAssist replied 1 year ago.

TaxAssist :

Usually for buildings one uses 4% straight line i

TaxAssist :

Usually for buildings one uses 4% straight line i.e. for a building worth 100,000 you would write off 4,000 each year for 25 years. There are different methods of depreciation and you might need an alternate depending on the use of the building.

Expert:  TaxAssist replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Customer: replied 1 year ago.

Thanks.


 


Just to verify


* Are you sure it's not 27.5 years or even 29.5 years (or is that commercial property), rather than 25?


* Are you sure on the 4%? This is privately-owned, fully rented out building containing 6 apartments. The owner doesn't live in it, although it is privately owned/administered, not company-owned/administered.


Rgds


Nick

Expert:  TaxAssist replied 1 year ago.
Hi Nick
That 27.5 years tax relief is, I think, an American tax allowance, but UK tax law doesn't provide for the depreciation of the building itself however you do get wear and tear allowance, other allowances e.g. repairs to the building depending on their nature. There are other considerations depending on whether the building has a business use on the ground floor. If you used a 4% depreciation annually in e.g. your management accounts, for the actual tax computation the depreciation figure would be added back i.e. no tax relief sought in respect of it. It would be replaced in the computation with things like any capital and/or wear & tear allowances etc.
HTH.
TaxAssist, Accountant
Category: UK Tax
Satisfied Customers: 3
Experience: More than 15yrs as a CPA and managing multiple companies at the same time
TaxAssist and 3 other UK Tax Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Andrew Baker(baktax)

    Personal Tax Adviser

    Satisfied Customers:

    756
    35+ years experience in income tax, CGT, non-residence
< Last | Next >
  • http://ww2.justanswer.com/uploads/baktax/2009-7-15_202414_Frame.jpg Andrew Baker(baktax)'s Avatar

    Andrew Baker(baktax)

    Personal Tax Adviser

    Satisfied Customers:

    756
    35+ years experience in income tax, CGT, non-residence
  • http://ww2.justanswer.com/uploads/teap007/2009-01-10_145815_bill_justanswer_for_profile.jpg TEAP007's Avatar

    TEAP007

    Tax Preparer

    Satisfied Customers:

    754
    Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years
  • http://ww2.justanswer.com/uploads/BE/berduchwal/2011-6-7_84817_pict0854.64x64.jpg berduchwal's Avatar

    berduchwal

    Accountant

    Satisfied Customers:

    669
    Qualified accountant and bookkeeper running my own practice since 2008.
  • http://ww2.justanswer.com/uploads/JO/Josh2010/2012-4-29_19490_GettyImages80121770B.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    61
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/RO/Ronaann/2012-3-19_23343_SSL22629.64x64.JPG Mrs-Tax's Avatar

    Mrs-Tax

    Tax Adviser

    Satisfied Customers:

    59
    Law Degree, 19 years in UK Tax.
  • http://ww2.justanswer.com/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Solicitor

    Satisfied Customers:

    48
    Exposure to general tax issues
  • http://ww2.justanswer.com/uploads/struppiaml/2009-10-9_95150_anthony_business_002.jpg AnthonyL's Avatar

    AnthonyL

    Tax Adviser

    Satisfied Customers:

    19
    ATT, ATII, 12 years tax experience
 
 
 
Chat Now With An UK Tax Professional
TaxAssist
TaxAssist
UK Tax Professional
3 Satisfied Customers
More than 15yrs as a CPA and managing multiple companies at the same time