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Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 13943
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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Leasehold property, I have bought a leasehold property for

Customer Question

leasehold property
JA: Thanks. Can you give me any more details about your issue?
Customer: I have bought a leasehold property for £35k 15 year lease and £16k of improvements - what can i set off against my corporation tax bill
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Submitted: 1 year ago.
Category: UK Tax
Expert:  Sam replied 1 year ago.

Hi

Thanks for your question - I am Sam and I am one of the Uk tax experts here on Just Answer.

You seem to indicate that you bought the property in your name rather than the limited company - can you clarify?

Can you also advsie what the £16K was spent on (so please be more specific what improvements were carried out)

Is this a residential or commercial property - is it used at all in the limited company ? Or is it rented out to generate rental income

Thanks

Sam

Customer: replied 1 year ago.
In a limited companythe £16 k was spent on leasehold improvementsit is a commercial property which I run my restaurant from
Expert:  Sam replied 1 year ago.

Hi

Then these costs are only allowable once the property is sold to reduce the gain mad (which is then liable for corporation tax)

Thanks

Sam