First-Time buying to renovate and sell & tax

jayjay2k

Gwendo40 wrote: »

I'm sure it's purely coincidence that these posts from wannabe property development entrepreneurs always appear between 10-11a.m. on a week day.:D

Well done Sherlock :T

Why would I want to develop properties for a living when my profession is something else and I run my own successful business? Maybe this is why I can post on a forum whenever I like, Sherlock.

But don't worry, HRMC, the bank and the solicitors answered my questions so go and amuse someone else.

Tom99

jayjay2k wrote: »

Well done Sherlock :T

Why would I want to develop properties for a living when my profession is something else and I run my own successful business? Maybe this is why I can post on a forum whenever I like, Sherlock.

But don't worry, HRMC, the bank and the solicitors answered my questions so go and amuse someone else.

[FONT=Verdana, sans-serif]Ignore the sarcastic comments, there is always someone who will try to wind you up, but do share this advice you have received from HMRC as I am sure it will be of interest.[/FONT]

jayjay2k

Tom99 wrote: »

[FONT=Verdana, sans-serif]Ignore the sarcastic comments, there is always someone who will try to wind you up, but do share this advice you have received from HMRC as I am sure it will be of interest.[/FONT]

I understand but I asked a genuine question on here thinking people will be professional about it. Some people were but some are just rude.

I should have just waited till I heard back from my solicitor rather than posting on here but we live and learn.

Pixie5740

Yes, do share the advice you have received from the mortgage lender and HMRC for the benefit of other people who might be in the same position as yourself. Sharing information is the purpose of forums after all.

I do hope the person you spoke to at HMRC wasn't the same person who wrongly advised my friend that the shares she sold from a SIP scheme were subject to CGT rather than income tax.

I am curious as to what you told the mortgage lender? Is the bank really willing to give a residential mortgage to someone who has no intention of living in the property and instead wants to flip the property?

jayjay2k

Pixie5740 wrote: »

Yes, do share the advice you have received from the mortgage lender and HMRC for the benefit of other people who might be in the same position as yourself. Sharing information is the purpose of forums after all.

I do hope the person you spoke to at HMRC wasn't the same person who wrongly advised my friend that the shares she sold from a SIP scheme was subject to CGT rather than income tax.

I am curious as to what you told the mortgage lender? Is the bank really willing to give a residential mortgage to someone who has no intention of living in the property and instead wants to flip the property?

I called them twice and spoke to two different people and both said the same thing.

Regarding the bank, that is all sorted too and they know everything now. All is good now.

Pixie5740

jayjay2k wrote: »

I called them twice and spoke to two different people and both said the same thing

Even a broken watch is right twice a day

jayjay2k

Pixie5740 wrote: »

Even a broken watch is right twice a day

True but my solicitor is looking into this and I will get this from HRMC in writing too.

AdrianC

So far you've told us repeatedly that you have had advice. But not what the advice was, and where it differed from the replies here.

I, for one, would be very interested in why the badges of trade do not apply here.

So...?

hazyjo

So you come on here asking for advice, then find out yourself but don't share it? Bit puzzled too. It seems you know how a forum works (none of us profess to be experts!), so please can you offer your own advice to posters for future reference and viewers of this thread.

jayjay2k

hazyjo wrote: »

So you come on here asking for advice, then find out yourself but don't share it? Bit puzzled too. It seems you know how a forum works (none of us profess to be experts!), so please can you offer your own advice to posters for future reference and viewers of this thread.

I did ask for advice but left here amused, none the wiser and missed homes under the hammer.