I purchased a shell of a house that was structurally sound but needed complete refurbishment. The house had been ransacked many items. eg All the radiators & copper pipe had been ripped from the walls.
A builder completed all the work from start to finish. The final cost was an all-in job & was not itemised.
I am struggling to work out how this would be calculated for tax reasons. What would need to be kept back for CGT
eg - there was no kitchen - I purchased the kitchen myself, but the builder fitted it. He also supplied the hob & oven.
There was no bathroom - but again, he supplied & fitted.
Windows & Doors was done separately & certified.
The garden was cleared after years of overgrowth. Fence replaced (well, the old fence was non existent).
There was scaffolding to repair the roof - the house had to be re-rendered. Flat roof replaced because it was leaking in multiple places.
I have a list of work that had to be done form the local council to bring it back into order (I was aware of the orders before purchase) - this includes fitting a ktichen, bathroom, suitable flooring to cover the concrete base, etc. every wall & ceiling had to be replastered & in somecases the lath & plaster replaced for plasterboard. New doors, new boiler, plumbing.complete rewire to bring it up to current regulations.
I am struggling on what I need to claim against tax & what is CGT.
A builder completed all the work from start to finish. The final cost was an all-in job & was not itemised.
I am struggling to work out how this would be calculated for tax reasons. What would need to be kept back for CGT
eg - there was no kitchen - I purchased the kitchen myself, but the builder fitted it. He also supplied the hob & oven.
There was no bathroom - but again, he supplied & fitted.
Windows & Doors was done separately & certified.
The garden was cleared after years of overgrowth. Fence replaced (well, the old fence was non existent).
There was scaffolding to repair the roof - the house had to be re-rendered. Flat roof replaced because it was leaking in multiple places.
I have a list of work that had to be done form the local council to bring it back into order (I was aware of the orders before purchase) - this includes fitting a ktichen, bathroom, suitable flooring to cover the concrete base, etc. every wall & ceiling had to be replastered & in somecases the lath & plaster replaced for plasterboard. New doors, new boiler, plumbing.complete rewire to bring it up to current regulations.
I am struggling on what I need to claim against tax & what is CGT.
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