Selling too many props too soon???

  • Filter
  • Time
  • Show
Clear All
new posts

    Selling too many props too soon???

    Hubby and I have a couple of BTL properties.

    In October 2016 we sold one BTL house and paid CGT
    In January 2019, we sold our residential house and moved into a house we built next door.

    However, due to my elderly mother being taken ill, we have decided to now move closer to her, so now need to sell our newly built house in which we have lived for only 7 months (although this will probably be 12 months before it is actually sold).

    My tax questions is: Is there a "limit" of how many houses you can sell over a certain period of time, before HMRC start considering you as a property developer and start taxing you as such????

    Many thanks for any assistance.

    If there is potentially a huge capital gain on current house if sold and you want to have it covered as your PPR , then perhaps you should consider staying for longer period to avoid being taken as a property trader.


      in your case no as there is a reasonable explanation behind them and its inconsistent. so there is no limit as such BUT you might want to consider the annual capital gains allowance , you have one of these each year and it resets each year april 2019 to april 2020


      Latest Activity


      • Help with Deed of Trust keeping tax man happy with the finance and Deposits
        Nev M
        Hi all, Firstly, apologies if answered elsewhere on the site and so many questions in one go.

        First Question -Situation is I am married to my wife and we have our main home and a second home that my wife owned before we got married. We have not done a deed of trust on her old house as had...
        21-06-2019, 12:15 PM
      • Reply to Help with Deed of Trust keeping tax man happy with the finance and Deposits
        Nev M
        Some very interesting and views on this from both ends of the spectrum. Also, legally I am not getting much of a clearer answer to be honest. I think the safest bet at this point is 99% to 1% as majority here are for familiar with this including my agent.

        For the record I am doing the deed...
        20-07-2019, 15:14 PM
      • HMRC - Web Filing of Accounts
        I have two properties with an income of £9,000. HMRC does not allow web filing accounts if income is over £5,250+. The options seem to be a) buy and use software acceptable to HMRC or b) use an accountant who has such software and charges £250 + VAT pa. As I file accounts directly with HMRC for...
        14-07-2019, 18:06 PM
      • Reply to HMRC - Web Filing of Accounts
        I suggest you ask the tax office to send you a paper version tax return for first year submission ( before 31 st Oct ) .

        Next year if you understand the system, change to online tax return .
        19-07-2019, 17:48 PM
      • Reply to HMRC - Web Filing of Accounts
        Thank you Gordon999 and JKO, both very interesting. I do the book-keeping and use a spreadsheet with all income and outgoings, plus bank account, so when I hand it over to the person who submits they literally enter the info provided and submit. They offered to submit our CS01 for £40 plus VAT, which...
        19-07-2019, 10:47 AM
      • don't want to reinvent the wheel- spreadsheet required
        Just about to start getting info together for my accountant on my 5 buytolets.
        Anybody got a good spreadsheet they've devised solely for this purpose please?
        I will be forever grateful, thanks in advance.
        02-07-2019, 20:57 PM
      • Reply to don't want to reinvent the wheel- spreadsheet required
        I use something I've put together which calculates exactly what I need to put in each box on the SA forms. We've got the same number of properties and it works for us, but I find I have to be on top of it (sometimes on a daily basis) with expenses and paperwork so it's not for everyone. The good thing...
        17-07-2019, 06:06 AM
      • Reply to HMRC - Web Filing of Accounts
        I bet accountant will be able to identify £250 of savings, and his bill is tax deductible also. Thirdly, any mistake found years ahead will be on his head rather than yours. Go with the accountant IIWY.
        16-07-2019, 07:52 AM
      • Reply to HMRC - Web Filing of Accounts
        If you use a separate bank account to receive the monthly rental payments and pay the expenses by cheque, your bank account statements will serve as your bookkeeping records.

        For rental income of around £9K total , you can probably submit a paper tax return SA 200 . This form requires...
        16-07-2019, 07:39 AM
      • Reply to HMRC - Web Filing of Accounts
        Hi Gordon,

        The income is too low to be registered for VAT. HMRC have a list of software but when I looked a year or so ago, it was quite expensive. I wondered if others had a similar situation and what they did.
        15-07-2019, 21:07 PM