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Where Taxpayers and Advisers Meet

Property renovation

CliveTaxkins
Posts:1
Joined:Mon May 28, 2018 8:19 am
Property renovation

Postby CliveTaxkins » Mon May 28, 2018 8:36 am

I may ask several questions over time as I continue to develop my understanding of the tax implications for my very small property development business.
I intend to purchase property for renovation and then sell on immediately ......I understand that I will be taxed on the profits at normal taxation rates......but what does the tax office see as profits what can be offset against this......Electrical work, plumbing, central heating, Double glazing, damp proofing, dry rot, insulation, kitchen units, bathroom suite.....Solicitors fees buying and selling, Structural survey.....I cant find anything clear cut about this.......please help.

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Property renovation

Postby bd6759 » Mon May 28, 2018 11:09 pm

The taxable profits are determined using the accepted rules of accounting. In this case the property is your stock. Most of the costs you mention should be allowed.


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