Has anyone seen that programme on Channel 4 called 'Property Ladder' where they purchase & renovate a house with the intention of selling it at a profit?
At the end of the programme they usually say that any profit would be liable to tax. I was wondering what sort of tax would any profit made in this way be liable for?
Income tax or Capital Gains Tax?
If someone purchased a house with the intention of renovating & selling at a profit, would the person be required to become VAT registered?
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