Offset income tax
Posted: 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
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