The difference between a repair and an improvement is not always easy to determine, but it can have considerable short-term implications when buy-to-let landlords and investors come to pay their end of year tax bill ... and long-term ones when they come to sell the property.

Most investors will be aware that large-scale work to property is usually considered to be a capital investment, writes Tony Booth .

In other words, it is anticipated the expense will be recouped when the property is sold, because the material value of the building to potential buyers will have been enhanced by the work conducted.

Indeed, this is also how the taxman usually treats such work too, since a sizable work related capital investment is deducted from any capital gains tax liability when the property is disposed of.

But this long-term benefit does nothing to help cash flow when it is most needed, usually during the first few years of a new property purchase.