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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 7305
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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One bedroom flat with garage in Beckenham / Bromley with garage.

Customer Question

One bedroom flat with garage in Beckenham / Bromley with garage. estimated value in 1991 £57,650 Sold this month for £255,000 less lawyers & solicitors fees estimated net price £245,000. have not taken off my costs for new boilers new kitchens/ bathroom, double glazing. Do I do that?
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi Thanks for your question It all depends on whether you have rented this property out and whether these costs have already been taken into account against the rental income.Usually the boiler and the double glazing would already have been sued in such a way - so we just really should have a complete refurb of bathroom and kitchen to consider. Then if this has ever been your main residence then you may be entitled to tax reliefs to reduce the capital gain, and also an additional relief if you let it out and declared all rental income to HMRC Also why is the value an estimated one ? When was this purchased and how much for ? So please advsie further Thanks Sam