tax on house flips- please help

[pmh]

Im new to property investing and wants to do flips. i have looked at a hypothetical scenario where i purchase at a price of £145k and resale at £200k. Having looked at the capital gains tax i need to pay on the HMRC website, i can use solicitor fees, stamp duty and estate agency fees against the sale price but am not allowed claim the refurbishment costs as they are repairs not improvements. HMRC have calculated the tax at circa £9k at 28% tax rate. I have calculated a developers profit of £20k so half of my profit would be taken in tax. am i calculating this correctly or is my hypothetical scenario realistic? please help!

[Debbie Franklin]

If you are flipping, income tax and national insurance would be in point rather than capital gains. All expenses mentioned above would be deductible from profit but tax rate would be higher.