Second home stamp duty levy

need_an_answer

The days of flipping houses for a good or even reasonable profit are long gone....sadly the repeats of homes under the hammer are still being aired on tv giving false hope to so many!

00ec25

Ramouth wrote: »

That is kind of why we are trying to get an idea of the various taxes, fees etc. So that we can work out the total costs. I am an architectural technician and my partner is a quantity surveyor so we are can get a reasonable idea of what work is required and what it will cost. From this we were going to work backwards to a maximum price we would be willing to pay to acheive a profit that makes the work worthwhile. What has become very clear here with all of your help is that we don’t have a clue about tax!

on that basis I recommend you do seek professional tax advice because if HMRC ever challenge you and you have declared the wrong tax they will be less impressed given you work in the "building trade" as a day job so should be expected to know the difference between a capital investment and a revenue flip

Ramouth

Thanks for your help everyone.

We have run the figures for various scenarios and, as some of you suggested, conclude that the profit isn’t large enough to justify the risk. There is a profit to be made (around 8k) but there is also the potential for loss with house prices looking a little wobbly at the moment.