SPV Company Expenses and Accounts

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    SPV Company Expenses and Accounts

    Hello guys,
    I'm new in the landlord world and own one property under SPV company. The property I own requires modernisation before I even start thinking to let it out.

    I have couple questions to experts:

    1. My estimation refurb cost would be around £5k. Which would include updating heating system, redecorating ceiling and walls as they are old fashion from 80ties and so on. Would I be able to clam those refurb expenses to reduce taxes? As far as I understand, I am able to claim expenses if replace the item with similar one like old fridge to a new similar style fridge. But there is not a lot info regarding of refurbishment if property is in a bad shape and requires modernisation.

    2. Can someone recommend a good accountant for reasonable prices which work with SPV companies? Quotes which I have received are £2k and up, doesn't seem realistic for the company which owns one house.

    Thanks in advance
    Vadim

    #2
    Try google search for online accountants - look for website and fees charged by twd and Richard Mcintosh and others

    Comment


      #3
      Originally posted by vadik.l View Post
      Would I be able to clam those refurb expenses to reduce taxes? As far as I understand, I am able to claim expenses if replace the item with similar one like old fridge to a new similar style fridge. But there is not a lot info regarding of refurbishment if property is in a bad shape and requires modernisation.
      You can claim all of those expenses as a company.
      You will find a lot of information that is misleading because it relates to individuals, not companies.

      Your accountant will be able to advise.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment


        #4
        Where refurbishment is on a like for like basis or does not add capital value, it should clearly fall within the remit of allowable repairs and maintenance expenditure.

        Comment

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