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hospitality
personal BTL leasing to own Ltd company for managing letting by hospitality
Started by hospitality, 21-10-2017, 23:47 PM
1 response
115 views
0 likes
 Last Post jpkeates
by jpkeates
22-10-2017, 08:57 AM  
scampicat
Jointly Owned by married couple by scampicat
Started by scampicat, 05-06-2017, 07:37 AM
15 responses
713 views
0 likes
 Last Post scampicat
by scampicat
20-10-2017, 13:17 PM  
Sheraton80
Being gifted a property? by Sheraton80
Started by Sheraton80, 18-10-2017, 19:16 PM
1 response
144 views
0 likes
 Last Post leaseholder64
by leaseholder64
18-10-2017, 19:49 PM  
sparkie
Claiming roofing and window works through a company by sparkie
Started by sparkie, 18-10-2017, 12:10 PM
5 responses
104 views
0 likes
 Last Post leaseholder64
by leaseholder64
18-10-2017, 16:21 PM  
MickyV
Converting Hotel to Flats - What VAT Rate? by MickyV
Started by MickyV, 18-10-2017, 06:20 AM
1 response
214 views
0 likes
 Last Post Gordon999
by Gordon999
18-10-2017, 16:18 PM  
security2
Remortgage fees and tax by security2
Started by security2, 17-10-2017, 20:16 PM
1 response
84 views
0 likes
 Last Post jpkeates
by jpkeates
18-10-2017, 09:26 AM  
ienquiry
CGT on future sale of previous home by ienquiry
Started by ienquiry, 12-10-2017, 09:08 AM
5 responses
141 views
0 likes
 Last Post theartfullodger
by theartfullodger
15-10-2017, 12:46 PM  
BRY77
Recommendation for a Property Tax Specialist by BRY77
Started by BRY77, 09-10-2017, 16:26 PM
1 response
104 views
0 likes
 Last Post Gordon999
by Gordon999
11-10-2017, 14:00 PM  
fizzykoi
Can I claim CGT loss on failed property investment? by fizzykoi
Started by fizzykoi, 09-10-2017, 14:14 PM
5 responses
159 views
0 likes
 Last Post Gordon999
by Gordon999
10-10-2017, 05:43 AM  
Alza
Tax return Expenses - Training courses by Alza
Started by Alza, 27-09-2017, 16:49 PM
13 responses
446 views
0 likes
 Last Post tatemono
by tatemono
09-10-2017, 09:14 AM  
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  • Reply to tax / cgt question for renovating property
    by Gordon999
    The underlying principle is that the cost of buying a property in good condition is clearly capital expenditure. Hence the cost of buying a dilapidated property and putting it in good order is also capital expenditure....
    02-07-2022, 17:21 PM
  • tax / cgt question for renovating property
    by DroidEgg
    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...
    02-07-2022, 10:33 AM
  • Reply to tax / cgt question for renovating property
    by dp17
    See the following property income manual, from HMRC , may be of some help.

    https://www.gov.uk/hmrc-internal-man...manual/pim2030...
    02-07-2022, 16:19 PM
  • Reply to tax / cgt question for renovating property
    by Section20z
    It may certainly be beneficial to allocate some of those expenses to running costs, electrical work required for the NEIC certainly is solely for the letting. Depends how much profit you are likely to make though, you'll have to do some sums .
    02-07-2022, 13:00 PM
  • Reply to tax / cgt question for renovating property
    by Gordon999
    If you purchased a building shell , and had the builder carry out the refurbishment work , then enter all expenses as an improvement in your records. You paid the builder by cheque and should have kept bank statements to show all payments .

    No need to break down the cost into operating...
    02-07-2022, 11:59 AM
  • Reply to tax / cgt question for renovating property
    by jpkeates
    I'd suggest that based on that description, all of the work was probably capital.
    02-07-2022, 10:43 AM
  • CGT query
    by vik238754
    Hello. Since 2013 my wife and I own a property as tenants in common where the beneficial interest split is 90% her and 10% me. We are now looking to sell the property. I have a large CGT loss and using the HMRC CGT calculator I have calculated that if I change the split to 70% me and 30% my wife...
    23-05-2022, 19:37 PM
  • Reply to CGT query
    by Gordon999
    I believe your solicitor has to prepare a Deed of Trust which transfers 60 % interest in the property from wife to you.

    You need to make clear to your solicitor that Deed is for HMRC only and not for registration at Land Registry

    After signing the Deed , you...
    01-07-2022, 16:51 PM
  • Reply to CGT query
    by vik238754
    The existing declaration states 10:90 beneficial interest not legal interest
    01-07-2022, 13:06 PM
  • Reply to CGT query
    by Gordon999
    The Declaration changing the beneficial interest to 70:30 is prepared only for showing to the Tax Office .

    The existing registration of 10% :90% legal interest at Land Registry does not change and the Mortgage Lender has already accepted this situation. .
    01-07-2022, 12:18 PM
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