Hi,
A couple of years ago I assisted my son to purchase a residential property to renovate and sell on at a profit. He was in work at the time so he could not be at the property often so all of the payments for services (builders etc) were made by myself on the basis that I would recover these when it sold and he would take any profit. I did some basic work at the property myself (painting etc) but I did this without any payment. Some of the invoices are in his name and some in mine (together basic with receipts from purchases from shops for paint etc for which there are shop receipts)
In short I lent him the money to purchase the property ( which has been paid back and recovered direct from the solicitor) and I fully funded for the services (which he will repay in full from the sale). I have not made any money from the property myself and do not intend to charge him anything.
The property has now sold and I have been repaid the original price of the purchase but not the cost of the works.
Am I able to prepare a simple invoice for the expenses of the works and contractors etc or do I need to go into more detail and is there likely to be an issue with the way I have gone about this with an accountant when preparing his tax return?
Many thanks in advance for any input
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