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Offset income tax

Practical Issues
MrBeeAt101
Posts: 1
Joined: April 27th, 2021, 8:49 am

Offset income tax

#407289

Postby MrBeeAt101 » April 27th, 2021, 8:58 am

Hi,

I have income from a salaried job, dividends, and farmer's rent from a field I own. I'm a higher rate tax payer. I have to make a costly repair this year to a bridge which provides access to the field.

Can I offset the cost of the repair to the bridge against my income? If so, am I limited to offset against the income from the field only, or can I also use it to offset divividend income for example?

If I make the repair this year, do I need to declare it in this tax year's self assessment, or next year's?

Regards,

MrBeeAt101

genou
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Re: Offset income tax

#407328

Postby genou » April 27th, 2021, 11:06 am

MrBeeAt101 wrote:Hi,

I have income from a salaried job, dividends, and farmer's rent from a field I own. I'm a higher rate tax payer. I have to make a costly repair this year to a bridge which provides access to the field.

Can I offset the cost of the repair to the bridge against my income? If so, am I limited to offset against the income from the field only, or can I also use it to offset divividend income for example?

If I make the repair this year, do I need to declare it in this tax year's self assessment, or next year's?

Regards,

MrBeeAt101


Have a look at the guidance here - https://www.gov.uk/government/publicati ... heet/hs251


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