X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Tax

    CGT records

    I am working through my tax return and have CGT calcs included.

    One property I sold has capital expenditure dating back to 2003.  I have kept "to the penny" spreadsheets for about 20 years and have always annotated in detail what expenditure was for.  However I have hundreds of entries of expenditure because I always project managed/built my own extensions etc rather than paying a few amounts to a building firm.

    For about the last 4 years I have scanned all my receipts and stored them referenced on a "one drive".  Prior to that, my hardward/software just wouldn't have handled that so all receipts were simply referenced and filed in monthly folders and boxed and archived in my office.

    Now it seems that some of the early receipts have degraded.  B&Q/Tradepoint being the main culprit where some of them have literally turned blank.  Their receipts are pretty rubbish anyway because some of the short codes for items do leave you wondering what on earth you bought, even a week later.  What am I supposed to do if I am ever called to produce them??? Would HMRC take a pragmatic view given general b&q entries on my bank statements, my word, and photos showing that yes I bought a 3 bed 1 bathroom and sold a 6 bed 4 bathroom, so on balance expenditure probably was incurred?  I can't be the only person in this situation!

    0
    0

    Would HMRC take a pragmatic view given general b&q entries on my bank statements, my word, and photos showing that yes I bought a 3 bed 1 bathroom and sold a 6 bed 4 bathroom, so on balance expenditure probably was incurred?

    Yes, I believe they would.

    See - How to avoid a tax investigation by HMRC 

    Smile

    0
    0

    Thank you.  Just read your post.  The ferrari bit is hilarious.  I don't post much on social media but did similarly have a picture of my friend's brand new 911 outside my new house so.....no more social media whatsoever from now on.

    Mind you if HMRC use social media bragging for their investigations they are going to be pretty busy judging by what I see these days!

    0
    0