Tax Glossary
Welcome to the TWD Accountants Tax Glossary. To help you interpret the jargon that you can come across in dealing with your tax, our team of experts have written a brief explanation for hundreds of technical terms. Click on a letter to show entries.
Wear & Tear Allowance
A deduction of 10% of the 'net rents' from the furnished lettings to cover depreciation of furniture, fridges etc. supplied with the accommodation.
If the accommodation isn't furnished, or only partly furnished, the 10% wear & tear allowance isn't due.
A deduction of 10% of the 'net rents' from the furnished lettings to cover depreciation of furniture, fridges etc. supplied with the accommodation.
If the accommodation isn't furnished, or only partly furnished, the 10% wear & tear allowance isn't due.
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