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  • Tax

    Tradesmen employed for Lfd.

    We now have a self employed builder to do works on our existing properties and to help and convert a new property into an HMO. The accountant advised that all works can be offset against income. Before we had the limited we carefully kept repairs and new works as separate categories, very nice if true but it seems odd!

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    In many respects the rules are broadly the same between income tax and corporation tax. You are taxed on your profits calculated by accounting rules and subject to a few adjustments. Not all builders costs will be tax deductible against income. It depends on what work was intended to be done. Was it “revenue” or “capital” works?

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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022