Tax Questions

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Reclaiming vat on access road by mulberry49 Started by mulberry49, 13-02-2014, 08:54 AM	1 response 552 views 0 likes	Last Post by Gordon999 14-02-2014, 12:54 PM
re-investing profit?? by nickshaz Started by nickshaz, 12-02-2014, 11:48 AM	1 response 487 views 0 likes	Last Post by TaxationPete 12-02-2014, 19:43 PM
Who pays council tax in void periods by johnsmith0774 Started by johnsmith0774, 12-02-2014, 09:46 AM	3 responses 691 views 0 likes	Last Post by King_Maker 12-02-2014, 15:39 PM
Tax question: Claiming back house repair work? by BlueCross Started by BlueCross, 05-02-2014, 10:09 AM	6 responses 822 views 0 likes	Last Post by MisterB 11-02-2014, 08:59 AM
CGT and renting rooms by miss perelman Started by miss perelman, 08-02-2014, 19:57 PM	1 response 527 views 0 likes	Last Post by King_Maker 09-02-2014, 09:44 AM
interest as a deductible expense by asprop Started by asprop, 05-02-2014, 21:57 PM	1 response 396 views 0 likes	Last Post by TaxationPete 05-02-2014, 22:25 PM
Tax on income from rented non mortgaged preoperty by vletherbarrow Started by vletherbarrow, 03-02-2014, 21:59 PM	1 response 479 views 0 likes	Last Post by theartfullodger 03-02-2014, 22:10 PM
Tax help please on BTL by da3533 Started by da3533, 31-01-2014, 20:10 PM	2 responses 563 views 0 likes	Last Post by King_Maker 31-01-2014, 23:38 PM
Transfer of Tax liability or not by tiakeztori Started by tiakeztori, 31-01-2014, 18:49 PM	1 response 629 views 0 likes	Last Post by King_Maker 31-01-2014, 19:27 PM
Rental Income Tax - Haven't Paid For 4 Years But Want To Sort It by AMK Started by AMK, 25-01-2014, 21:58 PM	3 responses 4,562 views 0 likes	Last Post by CraigBoyd 31-01-2014, 15:08 PM

Reply to Expenses what would start date be?

by AndrewDod

Doing DIY stuff since you moved out probably OK.

Maybe the Council Tax from when it was actually available to let.

8 months is a rather long time, even under the current circumstances
- Channel: Tax Questions
29-09-2020, 23:41 PM
Expenses what would start date be?

by cuttingman

We moved out of the property at the end of Jan. Did some DIY stuff, tradesmen stuff and spoke to various agents. Finally got property online with agent mid March. End of August property rented out.

So we understand Council Tax and utilities can be claimed as expenses. But when would we...
- Channel: Tax Questions
29-09-2020, 19:35 PM
Reply to How is the market value of property calculated for CGT - while undergoing major works

by AndrewDod

Extremely likely CGT will be payable at death ... for example....
- Channel: Tax Questions
29-09-2020, 23:36 PM
How is the market value of property calculated for CGT - while undergoing major works

by Conflicted

Dear All,

I have a property that is currently undergoing refurbishment and as such has no bathroom, toilet, kitchen, some walls have been stripped back, work to flooring etc. What I'm getting at is, at the moment if I wanted to suddenly sell I would not be selling at full market value....
- Channel: Tax Questions
29-09-2020, 09:45 AM
Reply to How is the market value of property calculated for CGT - while undergoing major works

by Conflicted

Thank you for taking the time to respond again.

The advantage I seek is paying less CGT than if the place were in good shape.

I hadn't really thought of disadvantages. You mention selling. I don't intend to dispose of the asset any time soon (ever?). I'be got a bunch of kids...
- Channel: Tax Questions
29-09-2020, 21:42 PM
Reply to How is the market value of property calculated for CGT - while undergoing major works

by AndrewDod

I don't think a RICS valuer will say that it happens to be worth nothing this particular month because nobody can get into the door and has scaffolding. But next month it will be fine. So yes I think they would object.

But you still haven't explained the advantage (and taken on board the...
- Channel: Tax Questions
29-09-2020, 21:13 PM
Reply to How is the market value of property calculated for CGT - while undergoing major works

by Conflicted

Thanks, I think I am not making myself very clear.

The property was bought in a bad way, I'd say JUST about mortgageable, but this was the wild west period of mortgages so I was lucky enough to buy my first home. I spent many thousands over many years making it a habitable home for myself....
- Channel: Tax Questions
29-09-2020, 20:44 PM
Reply to How is the market value of property calculated for CGT - while undergoing major works

by AndrewDod

a) Repairs of damage caused by tenants does not represent either a capital loss or a capital expense.
b) Market value is market value at the point of transfer
c) That (true) market value would also form a baseline for subseqenet sale by the Company. You are kind of assuming CGT will go...
- Channel: Tax Questions
29-09-2020, 16:19 PM
Reply to How is the market value of property calculated for CGT - while undergoing major works

by Conflicted

Thank you,

I would be selling into my ltd company. I am aware that you cannot sell for say £50,000 when the property is worth £600,000, that HMRC would require CGT to be set at the market value for the property.

My question is that yes, the property might be worth £600,000...
- Channel: Tax Questions
29-09-2020, 15:13 PM
Reply to How is the market value of property calculated for CGT - while undergoing major works

by AndrewDod

I am not following the question at all. Unless you are gifting it, the market value is the price at which you actually sell....
- Channel: Tax Questions
29-09-2020, 13:19 PM

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