Property Gains Tax

ads2312

HMRC are stupid as are most government departments (I work in one)!
but how would they know we haven't split up and I've moved to another property. Probably happens every day. Pleanty of people split up and get back together.
Not sure what being patriotic has to do with it either.

GDB2222

The correct tax treatment of this is as a trade, ie doing the place up and selling it on for a profit. That is taxable as income. You can legitimately form a partnership with your wife, so that say half of the profit is hers (to go on her tax bill), which may help if her marginal tax rate is lower than yours.

You are really asking what your chances are of getting away with tax fraud, which I decline to comment on.

DannyboyMidlands

So your wages are entirely funded by other peoples taxes yet you wish to evade paying tax yourself? Class.

The sooner the Government axe these public sector leeches the better.

ads2312

Ok, seems this is probably the wrong place to ask !! I was just testing the water after a friend suggested it. I don't really fancy a stay at her majesty's pleasure so will forget the idea.
Any other ways of saving money without breaking the law ?

theartfullodger

ads2312 said... HMRC are stupid as are most government departments

So, guessing but.. 36-40 years old then, lives Surrey probably near Wimbledon, worked Government 20+ years having started at 16 and has been offerred VEDS deal of about £60k after tax, going in July, has mortgage- ONE Account £40k owing,place worth about £230k , bought in 1991, , has a better half both earning about £60k doesn't understand patriotism, calls missus a cow so maybe she gone now.. Has a mate who's “A bit of a banker” ,registered with Allsops, savilles,Barstard Eves, Clive Emsom: Looking on South Coast- Brighton. ). Sounds kinda unpleasant and arrogant... [but we know isn't unpleasant and arrogant, clearly]. Shouldn't be difficult to find... match those details. HMRC has access to the right tools to do that in, err, what, 15 minutes I'd guess??


Cheers!


Artful

G_M

ads2312 wrote: »

Ok, seems this is probably the wrong place to ask !! I was just testing the water after a friend suggested it. I don't really fancy a stay at her majesty's pleasure so will forget the idea.
Any other ways of saving money without breaking the law ?

'Saving' money'? Yes - put it in a bank savings account. I suspect you mean 'making' money?

Investments? (If you're willing to take risks).

But running a business (eg property development) does not mean "a stay at her majesty's pleasure" provided you do what Artful suggests. His references to patriotism are perhaps not the best way to describe it. I would refer to 'honesty' and abiding by the law! You work in a Gov dept, and I'm sure you expect your employer to pay your NI contributions for you, and give you holiday pay, even though your employer could 'save' money by denying you these rights?

If you know what you're doing, and the markets work in your favour (ie no property price crash mid-development!) then you can make money doing up property. If you do, as with any business (or indeed any job), there is tax to pay. But only on the profit element which is fair enough.

I'd recommend you pop down the local library - there are plenty of books on the the subject of property renovation, and all will have a chapter or two on tax. They'll also be a lot more in depth than the adhoc replies you'll get from a forum.

GDB2222

ads2312 wrote: »

Ok, seems this is probably the wrong place to ask !! I was just testing the water after a friend suggested it. I don't really fancy a stay at her majesty's pleasure so will forget the idea.
Any other ways of saving money without breaking the law ?

I would concentrate on getting the renovation done quickly and within budget. Don't let your worries about tax cloud your commercial judgement. View the property, do your research, decide if there really is a big profit to be made, then go and see a tax adviser about the best ways to mitigate that, eg putting the deal through a limited company or paying pension contributions. He can also advise you, bearing in mind your circumstances, whether you have any chance at all of claiming PPR relief, which is what your EA friend has rather optimistically advised you to do.

ads2312

DannyboyMidlands wrote: »

So your wages are entirely funded by other peoples taxes yet you wish to evade paying tax yourself? Class.

The sooner the Government axe these public sector leeches the better.

public sector leeches - wow original :T
I have not said once I'm going to do it but was after advice after someone else told me lots of people do it. Someone in the trade for many years, who is obviously wrong. Cheers Dannyboy

DannyboyMidlands

Blah blah blah. I was only doing what somebody told me. Typical spineless public sector attitude. You're clearly scratching around for ways to lie yourself out of a tax payment. Whilst sustaining yourself on other peoples taxes. Leech is bang on the money.

ads2312

theartfullodger wrote: »

So, guessing but.. 36-40 years old then, lives Surrey probably near Wimbledon, worked Government 20+ years having started at 16 and has been offerred VEDS deal of about £60k after tax, going in July, has mortgage- ONE Account £40k owing,place worth about £230k , bought in 1991, , has a better half both earning about £60k doesn't understand patriotism, calls missus a cow so maybe she gone now.. Has a mate who's “A bit of a banker” ,registered with Allsops, savilles,Barstard Eves, Clive Emsom: Looking on South Coast- Brighton. ). Sounds kinda unpleasant and arrogant... [but we know isn't unpleasant and arrogant, clearly]. Shouldn't be difficult to find... match those details. HMRC has access to the right tools to do that in, err, what, 15 minutes I'd guess??


Cheers!


Artful

thanks for that, I guess the games up! might as well hand my self in now for asking a question which I've said I will not be doing. Obviously given bad advice which funny enough was the whole point of asking the question on here. Only person being unpleasant and arrogant is you mate so jog on !