SPV Company Expenses and Accounts

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    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

        Latest Activity

        Collapse

        • Reply to Capital gains tax changes afoot?
          by theartfullodger
          Yes, the location of the Tory magic money tree is finally known!

          Those with savings, securities and property.

          No doubt they'll all continue voting for Bozo
          15-07-2020, 06:33 AM
        • Capital gains tax changes afoot?
          by Bobthebiker
          So it seem the chancellor has ordered a review of capital gains tax, payIng special attention to the reliefs and allowances To see if it’s fit for purpose, the Covid clawback starts here maybe.
          14-07-2020, 21:05 PM
        • Reply to CGT & Gifting
          by gnvqsos
          I think you can reduce liability for CGT by deducting the costs of renovations,and costs associated with purchase eg survey fees,conveyancing fees etc.It may be possible to deduct legal fees resulting from the gift made...
          14-07-2020, 16:35 PM
        • CGT & Gifting
          by Kape65
          If I were to gift unencumbered properties to my adult children what would be their baseline for calculating CGT? Would it be zero (the price they paid) or would it be the price I paid or would it be based on market value when gifted? Or none of the above?
          13-07-2020, 15:12 PM
        • Reply to CGT & Gifting
          by Kape65
          Thanks for the replies, all clear now.
          14-07-2020, 11:24 AM
        • Reply to CGT & Gifting
          by Gordon999
          The Donor has liability for cgt after making the gift. The capital gain is calculated by the market value at July 2020 less price paid.

          The Donee has liability for cgt after selling the gift . The capital gain is calculated from the sale proceeds less the market value at July 2020 .
          14-07-2020, 07:02 AM
        • Reply to CGT & Gifting
          by AndrewDod
          Don't forget you need to declare the gift and pay the relevant tax within 30 days. So you need to supply that information now....
          14-07-2020, 00:14 AM
        • Reply to Moving overseas - forms to submit to HMRC
          by tatemono
          https://www.gov.uk/government/public...dividuals-nrl1 has a whole lot more which might be useful.

          Bear in mind that just because you get rent paid gross doesn't mean you won't eventually end up...
          13-07-2020, 20:57 PM
        • Moving overseas - forms to submit to HMRC
          by JamesHopeful
          I'm about to move overseas for a couple of years.

          I know that I need to submit an NRL1 to allow my letting agent to continue to pay my rent to me gross. However, do I need to submit any other forms at this stage? (e.g. a form informing HMRC that I'm going overseas in the first place?)...
          05-07-2020, 15:43 PM
        • tax allowance for new tiles on roof
          by alice123
          ok - I had a surveyor down recently who told me my BTL needs attention to guttering and new fasicas as they are in need of sorting out - had a roofer quote me but also told me the tiles needed replacing on roof as they are missing in areas and letting in water , i know this to be true as I looked at...
          07-07-2020, 23:19 PM
        Working...
        X