Property Gains Tax

ads2312

DannyboyMidlands wrote: »

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.

:rotfl:that's actually quite funny, if you knew where I worked for the last 15 years you would never call me spineless, think you been reading to many red tops and think we all sit around drinking tea all day! You obviously have a problem with the public sector which is fine as there is an awful lot of waist etc but also an awful lot of great work goes on. I'll leave you to dream up something else. I'm quite happy to pay any taxes I will owe but was missled by someone in the private sector.

G_M

Not sure why this thread has degenerated into this level of mud-slinging.

Not helpful to the OP. Nor to other new visitors to the site who might be thinking of posting questions.

Allows a few people to let off steam I guess (OK OK - I've done it myself at times....)

Let's move on. Nicely!

ads2312

thankyou G_M

Yes some people are a bit uptight on here aren't they ! but tbh it has helped me a lot. I now know not to bother listening to my EA friend and to do everything by the book. There are always ways of making saving without doing dodgy things so will look at them more thoroughly. cheers

googler

(In response to) "Setting aside all tax matters, you'll find it very difficult to sell within 6 mths because the lenders are getting fussier about not lending on properties which haven't been owned for this length of time. Something to do with money-laundering, I gather. If buyers can't get the finance to buy it from you, you'll be restricted to cash buyers"

ads2312 wrote: »

Sorry don't understand what your saying, I'm a cash buyer and thought I could say I've moved in as my permanent residence. Stay for 6 months then sell. I probably will be living there during the week (if I get it) so I'm kind of not telling porkies. I know it might be a lot of hassle but 18% is a lot of money.

Whether you're a cash buyer or not - if you're looking to buy then sell WITHIN 6 months, you may find it difficult.

Your buyer after 2, 3 mths, whatever, may/will find it difficult to get finance, purely due to the fact that you haven't owned it for at least 6. The lenders attitude seems to be that you might be money-laundering.

I'm not referring to any tax or capital gain or primary residence issues, merely this one.

Clearer?

ads2312

googler wrote: »

(In response to) "Setting aside all tax matters, you'll find it very difficult to sell within 6 mths because the lenders are getting fussier about not lending on properties which haven't been owned for this length of time. Something to do with money-laundering, I gather. If buyers can't get the finance to buy it from you, you'll be restricted to cash buyers"



Whether you're a cash buyer or not - if you're looking to buy then sell WITHIN 6 months, you may find it difficult.

Your buyer after 2, 3 mths, whatever, may/will find it difficult to get finance, purely due to the fact that you haven't owned it for at least 6. The lenders attitude seems to be that you might be money-laundering.

I'm not referring to any tax or capital gain or primary residence issues, merely this one.

Clearer?

got it ! sorry us public sector workers are a bit slow )
cheers

motherofstudents

There is nothing wrong with trying to lessen how much tax you have to pay. See an accountant, they do it all the time, it's called tax avoidance and is quite different from tax evasion. I'm surprised sometimes how some people respond to questions on here. The OP's estate agent has mentioned something which OP now tries to get more info and he gets jumped on for being unpatriotic, criminal and the terrible crime of working in the public sector....

sunshinetours

If this is a one off and you jointly own the property with your other half it would be hard for HMRC to argue against this being a capital tax issue rather than income tax issue. If you are buying the property for future investment and happen to be improving it and then decide you wish to sell it very hard to prove anything else.
The advantage of having it treated under capital gains taxes, is you would be entitled (each) to a tax free element of £10600 and potentially, depending on your earnings, of capital gains tax at 18% and at most 28%

As someone rightly says above see an accountant first, most of us offer a free initial consultation.

ads2312

sunshinetours wrote: »

If this is a one off and you jointly own the property with your other half it would be hard for HMRC to argue against this being a capital tax issue rather than income tax issue. If you are buying the property for future investment and happen to be improving it and then decide you wish to sell it very hard to prove anything else.
The advantage of having it treated under capital gains taxes, is you would be entitled (each) to a tax free element of £10600 and potentially, depending on your earnings, of capital gains tax at 18% and at most 28% -GF will be only one earning (about 30000).

As someone rightly says above see an accountant first, most of us offer a free initial consultation.

Thanks, deffo right about needing to see an accountant as it's all so confusing. I plan to make this my job and hope to turn over 3 or 4 a year so need to start reading up. Eventually do BTL. Problem I'm finding is everyone has different advice (My EA friend for one!!) but its hard to know who's right ! There's us thinking it's as easy as buying,doing up, selling and making money !! I can do all the practical stuff but all this tax stuff is doing my head in. Will book to see someone pronto.

Thanks again

theartfullodger

I offer no defence of myself as described by ads, however regarding his assertion

ads2312 wrote: »

......... Only person being unpleasant and arrogant is you mate so jog on !

would simply quote from a couple of his posts..

my old lady has had her legs shut for years, am I due a rebate ?

Guessing your single !! thats the other half job

Don't forget some of us lucky ones dont even need to touch it to pee, open the zip, a little jiggle and he's there, ready for action.

I'd be more worried about the hover women. Hard enough for us men to aim, bet you lot all pee all over the seat and on the floor !!

I have university graduates doing photo copying and filing where I work and I'm their boss with exactly 0 qualifications. And tbh most of them are so stupid I really wonder why they bothered going to University at all. Really don't know what they teach but common sense is deffo not one of the subjects !

sunshinetours

ads2312 wrote: »

Thanks, deffo right about needing to see an accountant as it's all so confusing. I plan to make this my job and hope to turn over 3 or 4 a year so need to start reading up. Eventually do BTL. Problem I'm finding is everyone has different advice (My EA friend for one!!) but its hard to know who's right ! There's us thinking it's as easy as buying,doing up, selling and making money !! I can do all the practical stuff but all this tax stuff is doing my head in. Will book to see someone pronto.

Thanks again

Doing 3 or 4 a year and then letting them out is very different to doing one up and selling it. Choose an accountant who understands the differences in this and can recommend the best way to set this up