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Monday 22nd June 2015

Latest Comments

Total Number of Property118 Comments: 8

Ern Collison

10:47 AM, 29th June 2017, About 5 years ago

How do I treat expenses on properties within my limited company?

The rules in respect of capital vs revenue expenditure are the same for individuals and ltd cos.
In your case, the paint will most likely class as revenue expenditure and therefore will be deductible.
The other costs are a bit more open to interpretation. If the new kitchen is 'better' than the old one (whichever way anyone chooses to interprete that), then it will be capital and therefore not deductible. For instance, if it gives more storage space, or has an extractor which wasn't there in the old kitchen, that will be capital expenditure. If the new kitchen performs exactly the same as the old one, then you could argue it is revenue expenditure. Same goes for the bathroom and any other work done.
If the property was dilapidated, and not fit to be inhabited when you purchased it, then all expenditure would be capital.......... if you bought it at a reduced price for instance due to dilapidation.
If you purchased it at a normal price, and it was habitable, then the lick of paint would be revenue expenditure, the kitchen, bathroom etc would be revenue providing it does not provide any additional functionality over the replaced units.
Problem is HMRC inspectors themselves misinterpret this!!... Read More

Ern Collison

11:55 AM, 19th April 2017, About 5 years ago

Limited Company BTL Mortgages - What to watch out for?

I am currently arranging a limited company mortgage through N&P.
Lower rates, lower product fees, lower valuation fees etc than Aldermore.
However, they do require you to pay their legal fees (estimated at £500 plus VAT), and (the most annoying condition for me) there is a requirement to provide annual audited or certified financial statements.... Read More

Ern Collison

10:24 AM, 13th April 2016, About 6 years ago

Gift home to daughter then buy another residence

Gifting only works if you hand it over completely and have absolutely no benefit from it. HMRC will not accept the situation you have proposed as they will claim you will be benefitting from the incoming payments, or you are still involved in its management somehow.... Read More

Ern Collison

12:37 PM, 7th July 2015, About 7 years ago


Hi Christian, check out a product called DIamatose Earth..... Or something like that.....DE for short. I did a review of one I purchased on Amazon which sorted out a case of bed bugs for me. Very cheap, probably less than £20, and definitely worth a try. If you can, look for and read my review..... It's rather long.
I have received help from this forum and happy to return the favour.... Read More

Ern Collison

15:36 PM, 29th June 2015, About 7 years ago

Missed Bailiff appointment query

Ah yes! Indeed it was. How did I not notice?... Read More