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Category: Tax
Satisfied Customers: 144
Experience:  Expert
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My company leases out flats, no, yes let me detail the

Customer Question

My company leases out flats
JA: Have you talked to a tax professional about this?
Customer: no
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: yes let me detail the question - the company bought the flat 4 years ago for 52000 we depreciate it and accumulated depreciation is 4000. So on our books its 48000 Which is not allowable for corporation tax. We have now sold it for 65000. is the capital gain for tax purposes 65000-48000 or 65000-52000.
JA: What are the assets or property for this capital gain?
Customer: a flat
Submitted: 12 days ago.
Category: Tax
Expert:  RodneyA814 replied 12 days ago.

Hello there,

The capital gain would be the actual cost rather than less depreciation.

You would be able to also deduct solicitor's fees, estate agents fees and costs incurred to improve the property.

There is also capital gains tax allowance before tax.

Please let me know should you have further questions.