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Found 4 results

  1. Please can someone help! I am in the process of buying my first property through my new ltd company. My guess is it will complete in 6 weeks or so. It is a 3 bed property that will be a single let. The property is perfectly habitable now and could easily be rented out as it is, however I want to do a fairly big refurb. E.g. replacing the kitchen and bathroom, new carpets, redecorate etc. This will mostly be a like-for-like refurb and I don't think the majority of it will count as a capital expense. If I do this work before I first put tenants in, am I right in understanding that I cannot claim this work as an expense as it involves getting the property ready to be let. However if I put tenants in first, then when they leave I decide to do the refurb, I now could claim this as an expense as the "rental business" would have already started. Have I got that right? My big question is... *What is the minimum period of time I would have to have a tenant in my property before I could class any replacement refurb work as a revenue expense?* If I rent the property out on a 1 week AST, then do a big refurb, clearly this will turn some heads with HMRC. So what is the magic number? 1 month? 6 months? I hope I can get some wise responses on this. Many thanks!
  2. Hi all, I'm moving to Sweden so am in the process of renting out my property. Some repairs and maintenance work will need to be done on the property over the next year, which I understand I can deduct from the tax I will need to pay on the property, and I'm sure that this will amount to more than the tax owed. My question is, can you carry tax deductions from previous years over to new tax years? If this is possible, how many years can you carry this over for? Appreciate any tips on the matter, Eadon
  3. I will give a short summary and eager to hear your thoughts about how to be smart about how to fund my company. I am a Swedish citizen (living in Sweden) setting up my UK LTD and have understood that expeses can be deductible even if the occured prior to the launch of my company. BUT if I have had eligable and deductible expeses of 1000 pounds (personal and taxed money), that 1000 can only be deducted against revenues to reduce my corporation tax. Which means I "save" 19% (190 pounds). Still that 190 pounds will have to be taxed (personal income or similar based on our Swedish rules) prior to being cash in my pocket = my 1000 pounds spent on my company will only be paid back at around 10-20% (bummer..). Am I missing something here? After realising this I want to keep my expenses to a minimum whilst funding the company in an efficient way. Question: Can I make a directors loan on the day of incorporation charging NO interest and then pay back that money (potentially when selling a property in the future or when refinancing using a mortgage) without having to report anything to the HMRC relating to the directors loan (form CT61) as there is nothing to report because I do not charge any interest? I of course have to do my accounting, annual reporting etc as per the requirements. The idea is of course to fund the company but also try to make sure I can get my already taxed money back.. Would really appreciate your comments and If I am completely wrong here or if there is a better way? Also, if it is not a directors loan but I am borrowing from other investors, I would not need to fill in the CT61 or anything else even if paying interest, is that correctly understood? (Again, just do the accounting correctly). Appreciate your comments and thoughts! Best Regards, Jakob
  4. I have a float of cash in my property SPV. I intend to invest some of this into peer to peer lending schemes, specifically in property. Question is whether the interest earned on these deposits are treated as normal income for the company or whether they are treated differently (as interest income is treated for individuals). As always, I will discuss with my accountant, but I wanted to see if there are any comments from hubbers. Thanks!
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