P
paulw1028
New Member
Hi everyone I am Paul, I am looking to make a start in property renovation. Buy - Renovate - Sell for profit.
I have cash from the sale of my own property so mortgages and buy to let are not my interest at this stage. I am full time employed (4 on 4 off shifts) so this venture is purely to raise capital for a future without a mortgage and maybe a few rentals down the line in time for retirement. ( I am a dreamer I know!!)
I have a good skill set having completed the majority of refurbishment work on my own property myself. I also have a very skilled Step father who is a joiner and still works self employed. so he will be contracted to work on the properties.
As I am full time employed I pay tax. I am close to the 40% tax band but rarely go over. I have been doing some research regarding tax but I am coming up short in finding what is best suited to my situation. Paying CGT seems the best option that I can see but is there a better way to minimise the amount I pay if I make a profit of 8k - 18k per property? I would be looking to complete 2 properties per year using the cash from each sale to fund the next.
Regards
Paul
I have cash from the sale of my own property so mortgages and buy to let are not my interest at this stage. I am full time employed (4 on 4 off shifts) so this venture is purely to raise capital for a future without a mortgage and maybe a few rentals down the line in time for retirement. ( I am a dreamer I know!!)
I have a good skill set having completed the majority of refurbishment work on my own property myself. I also have a very skilled Step father who is a joiner and still works self employed. so he will be contracted to work on the properties.
As I am full time employed I pay tax. I am close to the 40% tax band but rarely go over. I have been doing some research regarding tax but I am coming up short in finding what is best suited to my situation. Paying CGT seems the best option that I can see but is there a better way to minimise the amount I pay if I make a profit of 8k - 18k per property? I would be looking to complete 2 properties per year using the cash from each sale to fund the next.
Regards
Paul