In reply to A newbie all over again! by Annec
In reply to A newbie all over again! by Annec
If you buy a house as a limited company you cannot write off the value of the property as a business expense (unless you sell it later on at a loss in which case you can subtract the loss from the tax you owe).
You can though claim the costs of works on the property, costs of renting out the property (agents fees, advertising, legal stuff etc), costs of employing people, bank charges, insurance, etc etc, and maybe the costs of the mortgage.
If it were possible then everyone could buy a (probably very small) property each year to the value of their tax bill and never have to pay any tax!
In reply to A newbie all over again! by Annec
Thanks for that, I didn't think it would be possible to do that but had to check to make sure.
Hi,
I've bought a house which I would like to include as part of my business for tax reasons. I'm not a Ltd company but will be very interested in following this thread if anyone can provide answers about the tax implications. For example, if I was to borrow say £50000 to buy a property in italy which I intend to rent out and obtain an income from, can the £50000 be written in to my tax return as a business expense?