This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Partnership or Sole Trader or What?!?

31stJan
Posts:1
Joined:Sat Jan 27, 2018 5:18 pm
Partnership or Sole Trader or What?!?

Postby 31stJan » Sat Jan 27, 2018 5:29 pm

Hi,
Much obliged if anyone can help.
I bought a house with my wife in August 2016 we significantly refurbished it and then sold it 6 months later for 50k profit between us.
I am reasonably sure it is classes as Property Development and therefore a trade, so subject to NI contributions and profit taxed as income etc. I thought we would just fill out our tax returns with this profit in the sole trader section with 50% of profits / costs etc on there. But I am now thinking we have messed up.
How should we be filling in our self assessment? Are we a partnership (although one we never notified HMRC about) or something else?
Any advice much appreciated!

Return to “Property Taxation”