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Guest rigsby II

What A Fantastic Idea

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Guest rigsby II

"Myself and my wife are planning to start a business buying residential properties, mainly houses, doing small renovations and selling each one within 2-4 months. "

"We hope to do 3 or 4 per annum and make a profit of £20-30k on each property."

I wonder how they got on ? I bet they made a mint on such a unique and novel idea... <_<

http://www.taxationweb.co.uk/forum/discuss.php?id=5331

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"Myself and my wife are planning to start a business buying residential properties, mainly houses, doing small renovations and selling each one within 2-4 months. "

"We hope to do 3 or 4 per annum and make a profit of £20-30k on each property."

I wonder how they got on ? I bet they made a mint on such a unique and novel idea... <_<

http://www.taxationweb.co.uk/forum/discuss.php?id=5331

LOL.

I hope their business plan was a bit more specific than "they hope to make £20-30k profit per property". They don't expect much eh? Especially for "small renovations".

Don't they also think that it would have been far better to have found out the answers to all these tax questions before going so far as "just about completing" on their first property.

It is often said that many successful business people were too daft to see the risks of their ventures and just got lucky. I think these are part of the other 95% that won't be lucky.

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Will we be classified as a trading company and assessed to income tax. Are our profits simply calculated as sales proceed less all related costs including legal, stamp duty, finance costs, renovations etc. Are we exempt from Vat and therefore unable to recover vat on our expenses? Would we be better of from a tax standpoint setting up a limited company. We are just about to complet on one property

So they didn't do much analysis and investigation before buying then...

We hope to do 3 or 4 per annum and make a profit of £20-30k on each property

Ok so I guess they picked a figure out the air :lol::lol: I wonder what "Titan" is doing now? :D

And "Instinctive" posts (as top contributor)

(2) The other benefit of a (limited) company, which is not normally highlighted, is the protection of operating under the protection of a limited liability

Doh I always wondered why it was called that :blink::o

Why am I thinking of the phrase... Blind leading the blind :ph34r:

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classic. i love the 20-30k per property bit. its going to take a long time to wash these kinds of leeches out of the uk financial system. only sharp IR rises can stop them.

but i do see that happening what with sipps and a recent rate cut.

perhaps the government know something we dont ?

or perhaps they simply dont see us because we are mostly under 40yrs old.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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