Q: Myself and a friend on his purchase of a property and redevlop for future sale to make some money! Now many people are already doing this and I am curious if there are tax benefits or money saving tips, either by purchasing the property in a new limited liability company, doing all the work by the book and then sell or perhaps the purchase of private property, but the work done by one company? It just knock down a full scale – to rebuild, so the work just zero VAT rated and the other thing to say is that we probably will go and do another when it is finished, then take the money.
I hope this is ok one question in this thread. Thanks for reading
Chris – What is a day off?
Lynzpower told me to do it though.
I got a puppy instead, He doesn't moan about me working all the time, He just pees somewhere when I upset him
I recall reading now. Glad to hear, anyway
Sounds a strange thing to say, but too much business is as stressful as too little!:confused:
Where have you been? Don't tell me you have better things to do!
Wait and see here but also ask on the cutting tax board. You might get some more joy there.
Thanks again
Chris – What's a day off?
If you have company, you can get trade discounts on materials but you can often blag these anyway or, equally, shop around, hard!
But if there's two of you, you have a CGT allowance of £9,200? each this year. So if your profit is less than £20,000 then it's simpler to go it alone.
Of course if you live in the property for a decent time period, you pay no tax at all on your profits, regardless of how much you make.