Any calculators available?

[jamesj89]

Hi all

Im a surveyor by profession but totally unfamiliar when it comes to tax. I’m looking at the viability of buying and flipping properties as that is where I feel my best expertise lies. 

I know my wage, I know the capital I can put in but there’s so many taxes I’m wondering if there’s any spreadsheets out there that will churn out some basic numbers. 

Any advise will be greatly appreciated!

[angela hall]

As I understand it if you flip properties then the profit you make is added to your other income and taxed as income. It is not a capital gain its income. Somebody correct me if I'm wrong. So if you make a £20000 profit selling a house taking into consideration everything you've spent on it, then you add this to your day job income and are taxed accordingly.

[Debbie Franklin]

No need to correct Angela, you are right.

[Debbie Franklin]

Plus you may need to pay national insurance