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Where Taxpayers and Advisers Meet

Buy to let

Joined:Mon Jan 09, 2017 12:17 am
Buy to let

Postby spotthedog » Wed Jan 20, 2021 12:16 pm

Hi can anyone help me please
buy to let.
Okay sole trader cleaning windows

Left money from my gran and want to buy a buy to let. The purchase will be 50% granny's money all tax paid and 50% window cleaning money no tax paid yet. All cash.

When I fill in my tax return can I say the 50% from the window cleaning is a buissnes expense. The purchase value will be 70k.


Joined:Thu Jan 21, 2021 12:10 pm

Re: Buy to let

Postby LegallyBrunette » Thu Jan 21, 2021 3:00 pm

Hi Spot

The cost of buying a property, would not be something you could claim as a revenue expense, against your business profits, I'm afraid.

There are ways you can buy a property through a business, but I'll be presumptuous and assume this is not your situation.

If you, personally, are buying a domestic property to rent out, the money withdrawn from the business account would be considered drawings, and the purchase price of the property would come into play, when you sold it.

Joined:Mon May 24, 2021 5:32 pm

Re: Buy to let

Postby HezzilFac » Mon May 31, 2021 7:55 am

Yeah, you won't be able to do it like that, she's right...

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