UK investment depreciation report

Discussion in 'Accounting and Tax' started by Paterson00, 22nd May, 2015.

  1. Paterson00

    Paterson00 Member

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    Not a question, I just wanted to let anyone know who might like the information.

    I just received my first depreciation report on my first investment property which I have owned since 2003. I started to rent it out after moving from the UK to Australia in 2012.

    I am delighted to get this at last as I struggled to find someone to do this (although I am not sure if I asked on here)

    I carried out a load of renovations before I moved out and because we hadn't had the report created until now I am hoping that I can backdate the previous 2/3 years. Happy to have this clarified and whet my appetite before tax time although I know that the accountant will tell me. If I am reading it correctly it is around $1500 per year

    Happy to pass this guys details on if anyone wants it, just message me.
     
    Terry_w likes this.
  2. Koste

    Koste Member

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    With so many expats living in Australia from the UK, US etc... they could all be claiming Tax Depreciation entitlements on their overseas property to offset against income tax. I personally have a number of properties in the UK which I pay Tax on over the oz and yes I also claim Tax Depreciation entitlements on all of them.

    With UK properties most are old, however their are very few properties that have had no money spent on them over the years.

    I have some good surveyors in the UK who have completed a number of Tax Depreciation Reports over the years and highly recommend expats also look at claiming their entitlements.

    Thanks for post

    Koste Tax Depreciation

    www.koste.com.au 1300 669 400
     
  3. Scott No Mates

    Scott No Mates ...and people wonder why?

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    I thought QS was a specialist branch of RICS in the UK.
     
  4. ellejay

    ellejay Member

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    We've had ours in u k for a few yrs but have never claimed depreciation. I guess its too late now for us to start claiming now? Never had a depreciation report done.
     
  5. depreciator

    depreciator Member

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    Might not be too late. We do overseas properties often and most of the Schedules we do are backdated.
     
  6. ellejay

    ellejay Member

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    I've been disorganised re this. Interested re your overseas work. I've sent you an email!
     
  7. Undervalued

    Undervalued Member

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    I was just about to accept a quote from WB but thought I would look on good old Somersoft before I did, just in case. I will get in touch to get more details?

    I have an NZ property, as well - anyone have referrals for depreciation schedules over there?

    Depreciator - I got in touch with your guys a few months back and they advised they definitely DO NOT do overseas depreciation schedules. I guess this was incorrect information, so you may want to educate your front line!
     
  8. depreciator

    depreciator Member

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    You might have misunderstood. We do overseas properties every week. There are three UK properties, a couple of NZ ones and a KL one going through the system right now.

    We can do them in any places where we have people in our network who know the historical cost of construction.

    Scott
     
  9. ellejay

    ellejay Member

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    Another big thanks to ss from me. I have uk and nz ips and didn't think this was possible, or so straightforward.