Sally

Registered with Property118.com
Thursday 24th July 2014


Latest Comments

Total Number of Property118 Comments: 3

Sally

19:30 PM, 7th January 2021, About 5 months ago

Investor or Developer - How would HMRC treat me?

Thank you for your replies. The land has not yet been purchased, It will be purchased and registered in the company's name, if it is considered viable, to develop and sell.
It is someone else's project - the team consists of an architect, an accountant and a builder. When they find a viable site they set up a unique company (of which they would be directors), to develop it and invite others to contribute financially, in order to purchase it outright and cover development costs. They also put in their own money.
I am quite keen to contribute (as it is a local site ) and I should see a return on my money. I'm trying to establish how I should do that. If, for instance I was asked to be a director, would that be the best course of action financially, or should I simply provide some cash funds. I have no worries about the money being returned, they have done this several times.... Read More

Sally

12:25 PM, 31st August 2016, About 5 years ago

How do I value property if I became joint owner 6 years after purchase?

Reply to the comment left by "Fraser Maldoom" at "31/08/2016 - 11:20":

Absolutely. That's exactly what I did. My accountant told me what type of valuation to get & on what basis it needed to be done. She then dealt with the tax side for me. Didn't mean to mislead but didn't want to make it sound too complicated. Just for clarity - I didn't acquire my share from a spouse.... Read More

Sally

9:50 AM, 31st August 2016, About 5 years ago

How do I value property if I became joint owner 6 years after purchase?

I also acquired part shares in a property. which I sold last tax year. I needed to get a surveyor to value the property as at the date I acquired it ie a backdated valuation. They then produced a document which I could use for tax purposes when I submitted my Capital Gains figures. I found it all quite complicated & so I employed a local tax expert (someone working alone not a large company) - cost less than £100 so well worth it in my opinion.... Read More