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Where Taxpayers and Advisers Meet

Search found 20 matches

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by Michael2374
Wed Feb 01, 2017 5:00 pm
Forum: Property Taxation
Topic: CGT and other Tax Fees on renovation project
Replies: 6
Views: 970

Re: CGT and other Tax Fees on renovation project

There are new rules concerning development property which boil down to HMRC trying to charge more developers to income tax where previously they might have snuck in under CGT. Your case is quite clear- your intention has been to buy, develop and sell. That is a trade. If you have not previously reg...
by Michael2374
Wed Jan 25, 2017 12:59 pm
Forum: Property Taxation
Topic: CGT and other Tax Fees on renovation project
Replies: 6
Views: 970

Re: CGT and other Tax Fees on renovation project

It looks like you bought it with the intention of selling it at a profit, so it's not CGT, it's trading. All costs incurred are allowable and the profit is taxable as income. yes that's the aim - thanks for the heads up.. someone mentioned if i had set up as a 'property developer' i would have just...
by Michael2374
Tue Jan 24, 2017 12:52 pm
Forum: Capital Gains Tax, CGT
Topic: CGT/TAx on sale of property investment
Replies: 3
Views: 690

Re: CGT/TAx on sale of property investment

Thanks Peter so any idea what level of income tax i will have to pay?
and no i didnt live in it
by Michael2374
Tue Jan 24, 2017 12:51 pm
Forum: Capital Gains Tax, CGT
Topic: CGT/TAx on sale of property investment
Replies: 3
Views: 690

Re: CGT/TAx on sale of property investment

Thanks Peter so any idea what level of income tax i will have to pay?
by Michael2374
Tue Jan 24, 2017 12:01 pm
Forum: Capital Gains Tax, CGT
Topic: CGT/TAx on sale of property investment
Replies: 3
Views: 690

CGT/TAx on sale of property investment

Hi, I bought a property at auction 20th July 2016. Its a one bed L/H flat with 125 yrs left on lease. It was in a dilapidated stated when i bought it so i have completely gutted it remodelled and rebuilt it. I now wish to sell it and I'm wondering how much CGT and other costs I'll have to pay and al...
by Michael2374
Tue Jan 24, 2017 12:00 pm
Forum: Property Taxation
Topic: CGT and other Tax Fees on renovation project
Replies: 6
Views: 970

CGT and other Tax Fees on renovation project

Hi, I bought a property at auction 20th July 2016. Its a one bed L/H flat with 125 yrs left on lease. It was in a dilapidated stated when i bought it so i have completely gutted it remodelled and rebuilt it. I now wish to sell it and I'm wondering how much CGT and other costs I'll have to pay and al...
by Michael2374
Thu Jul 07, 2016 1:07 pm
Forum: Property Taxation
Topic: Ltd Company or Sole Trader for 'property Trading'
Replies: 1
Views: 638

Ltd Company or Sole Trader for 'property Trading'

Hi,

Im looking at buying and renovating then selling on properties (hopefully at a profit!!)

Would it be more beneficial to buy them via a ltd company and only pay 20% corporation tax rather than the 40% id pay as a sole trader?? Or is it not that straightforward.
by Michael2374
Mon May 23, 2016 1:37 pm
Forum: Property Taxation
Topic: Tax on Income from inherited home
Replies: 11
Views: 1896

Re: Tax on Income from inherited home

So you do not select or yet the tenant. Very brave> Read this :http://www.landlordzone.co.uk/forums/showthread.php?73688-My-Experience-with-Universal-Credit-Tenant&p=589708#post589708 Hi Peter im a little fortunate that I know the lady that houses the tenants for my Mum. Also the rent is paid direc...
by Michael2374
Thu May 05, 2016 10:40 am
Forum: Property Taxation
Topic: Tax on Income from inherited home
Replies: 11
Views: 1896

Re: Tax on Income from inherited home

Assuming he left everything to his wife then there will be two sets of NRB so no IHT. Stop saying "we" it is not your house it is your Mums so it will be your mothers income. What are the LA going to do with the property ? Regards Peter Thanks peter - i say we as i am managing it for my mum - what ...
by Michael2374
Wed May 04, 2016 10:26 am
Forum: Property Taxation
Topic: Tax on Income from inherited home
Replies: 11
Views: 1896

Re: Tax on Income from inherited home

What is her husbands status. Regards Peter
She is widowed..

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