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...
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by Gordon999The 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....
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Channel: Tax Questions
02-07-2022, 17:21 PM -
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by dp17See the following property income manual, from HMRC , may be of some help.
https://www.gov.uk/hmrc-internal-man...manual/pim2030...-
Channel: Tax Questions
02-07-2022, 16:19 PM -
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by Section20zIt 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 .
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Channel: Tax Questions
02-07-2022, 13:00 PM -
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by Gordon999If 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...-
Channel: Tax Questions
02-07-2022, 11:59 AM -
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by jpkeatesI'd suggest that based on that description, all of the work was probably capital.
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Channel: Tax Questions
02-07-2022, 10:43 AM -
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Reply to CGT queryby Gordon999I 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...-
Channel: Tax Questions
01-07-2022, 16:51 PM -
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by vik238754Hello. 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...
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Channel: Tax Questions
23-05-2022, 19:37 PM -
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Reply to CGT queryby vik238754The existing declaration states 10:90 beneficial interest not legal interest
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Channel: Tax Questions
01-07-2022, 13:06 PM -
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Reply to CGT queryby Gordon999The 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. .-
Channel: Tax Questions
01-07-2022, 12:18 PM -