Good News for Landlords and Businesses: Replacing Your Boiler Can Now Count as a Tax Deductible Repair!
Here's the deal: In the past, HMRC (taxman) wasn't sure if replacing your old boiler counted as a tax deductible expense. But guess what? They've changed their minds!
What does this mean for you?
If you're a landlord or run a business, you can now deduct the cost of replacing your boiler on your tax return as long as the new one does the same job as the old one, even if it's more efficient.
Why the change?
HMRC understands that advancements in technology happen, and replacing an old boiler with a new, more efficient one is just keeping things running smoothly, not really an improvement.
What if I already replaced my boiler?
If you paid for a new boiler in the past and HMRC didn't let you deduct it, you might be able to claim that money back on your taxes now.
How do I claim the money back?
There are two ways to contact HMRC:
Email: Send an email to responseteam5@hmrc.gov.uk but be sure to include the exact wording they ask for in the email (it's a bit of a technicality).
Phone: Call them at 03000 516640 to discuss it directly.
The bottom line: Replacing your old boiler with a new one can now be a tax-deductible expense, so keep those receipts and claim what you're owed!
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