Renovated Property

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    Renovated Property


    I purchased a house which had to be completely gutted and then put back together.

    One of my existing sets of tenants has moved in and I'm planning on keeping it long term.

    Should I split all the renovation costs out between Capital and Revenue - or can I leave it till the property is disposed of and then claim it as Capital?

    Many thanks

Latest Activity


  • Reply to Corporation Tax
    by Thurrock1

    the other directors can't withhold information from them - I am my husband's agent as he has dyslexia and has difficulty with all this. This has been explained to the director but he does not like me and chooses not to recognise in that case anything I/my husband writes.
    25-11-2021, 09:39 AM
  • Reply to Corporation Tax
    by jpkeates
    If your husband is a director, the other directors can't withhold information from them; unless there are some very specific rules in the company articles - and they wouldn't normally be appropriate in a property development business (which are usually set up with boilerplate documentation).
    24-11-2021, 18:36 PM
  • Corporation Tax
    by Thurrock1
    Hi, Please can someone tell me if Corporation Tax only becomes payable to the IR on sale of an asset.
    My husband is a director of a property development company - there are only 3 directors.
    He wants to leave and there is no communication with the other directors and it is difficult to get...
    23-11-2021, 19:15 PM
  • Reply to Corporation Tax
    by theartfullodger
    IR (The Inland Revenue) were dissolved April 2005. Advise against sending them payments....
    24-11-2021, 17:50 PM
  • Reply to Corporation Tax
    by Thurrock1
    Thanks Gordon999. I have been phoning around about this today. This is a property development Ltd co. it had problems and so in 5 years only managed to develop 1 property - a house into flats. My husband owns one third of the company.

    It is not being sold. The other directors need to...
    24-11-2021, 17:47 PM
  • Reply to Corporation Tax
    by Gordon999
    The company pay CT on the "trading profit" reported in the annual accounts.( which are filed annually at Companies House).

    After the asset (the building) has been sold, the trading profit will be reported in the next annual accounts by accountant and CT will be payable to...
    24-11-2021, 11:33 AM
  • Reply to Student HMO and Holiday let
    by Neelix
    In most areas student houses don't pay council tax ....... move in a "non student" and Council tax will apply
    18-11-2021, 07:54 AM
  • Reply to Student HMO and Holiday let
    by nukecad
    Flag any of your posts (the little flag at the bottom of them) and ask the moderator if he can change the name for you....
    17-11-2021, 23:00 PM
  • Student HMO and Holiday let
    by lewis593
    Hello everyone. Can I rent my 4 bed property to students and holiday makers at the same time? For example 3 bedrooms will be used for students and 1 bedroom will be used as a holiday let. Would this have any tax/council tax implications? Would it be classed as a holiday let and be liable for business...
    17-11-2021, 19:54 PM
  • Reply to Student HMO and Holiday let
    by lewis593
    Can I rent my air b and b property to students?
    17-11-2021, 20:34 PM