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    • By CURLYSANDY 12th Feb 18, 1:16 PM
    • 8Posts
    • 0Thanks
    Setting up maintenance co to work on own houses
    • #1
    • 12th Feb 18, 1:16 PM
    Setting up maintenance co to work on own houses 12th Feb 18 at 1:16 PM
    Hello - I have just retired as a builder/plumber. I have 4 rental properties and find it frustrating that I do work on these properties and yet cannot claim for my labour costs. I am considering setting up a small handyman company to do odd jobs for neighbours, family and friends. Could I then invoice myself when doing work on my own properties. I realise I will have to pay income tax on my income from the business, but could equally off set works vehicle, etc. Furthermore, I want to extend one of the houses and then sell it. Could I also invoice myself for my labour which could be set against Capital Gains tax when selling???
    Thank you in advance for any advice offered.
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    • purdyoaten2
    • By purdyoaten2 12th Feb 18, 2:05 PM
    • 855 Posts
    • 407 Thanks
    • #2
    • 12th Feb 18, 2:05 PM
    • #2
    • 12th Feb 18, 2:05 PM
    You really have not thought this through.

    If you 'invoice' your property business for 2000 your rental profit will clearly reduce by this amount and the tax due will be 400 less on this source of income if you are a basic rate taxpayer.

    I presume by 'company' you mean self-employed. You will pay tax on this 2000 of exactly the same amount - 400 AND you may have to pay National Insurance at 9%, another 180. The whole idea could cost you money.
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