UK Tax

UK Tax Questions? Ask a UK Tax Advisor for answers ASAP

Ask an Expert,
Get an Answer ASAP!

UK Tax

Leasehold property, I have bought a leasehold property for…

Customer Question
Leasehold property Accountant's Assistant:...

Leasehold property

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

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

Submitted: 1 year ago.Category: UK Tax
Show More
Show Less
Ask Your Own UK Tax Question
Answered in 45 minutes by:
3/30/2016
UK Tax Professional: Sam, Accountant replied 1 year ago
Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 14,110
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
Verified

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

Ask Your Own UK Tax Question
Customer reply 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
UK Tax Professional: Sam, Accountant 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

Ask Your Own UK Tax Question
Ask Sam Your Own Question
Sam
Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 14,110
14,110 Satisfied Customers
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax

Sam is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Sam

Sam

Accountant

14,110 satisfied customers

26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax

bigduckontax

bigduckontax

Accountant

871 satisfied customers

FCCA FCMA CGMA ACIS

TEAP007

TEAP007

Tax Preparer

759 satisfied customers

Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years

Andrew Baker(baktax)

Andrew Baker(baktax)

Personal Tax Adviser

756 satisfied customers

35+ years experience in income tax, CGT, non-residence

berduchwal

berduchwal

Accountant

669 satisfied customers

Qualified accountant and bookkeeper running my own practice since 2008.

Clare

Clare

Solicitor

148 satisfied customers

25 years exeperience as a high street solcitor

Mrs-Tax

Mrs-Tax

Tax Adviser

59 satisfied customers

Law Degree, 19 years in UK Tax.

< Previous | Next >

Related UK Tax Questions
I have some doubts about tax. Could you help me, please?
Hello, I have some doubts about tax. Could you help me, please? … read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I am trying to complete my micro entities annual return on
Hi. I am trying to complete my micro entities annual return on Companies House site. I have all my figures but am confused what information to put in the boxes. Figures are as follows: Total income £3… read more
taxadvisor.uk
taxadvisor.uk
Accountant and Tax Practitioner
Chartered Certified Accountant - FCCA
3,128 satisfied customers
My wife are both leaving to the UAE (Dubai) after many years
My wife are both leaving to the UAE (Dubai) after many years to return to the UK. As I understand it we have 120 days of remaining non-tax resident … read more
Sam
Sam
Accountant
14,110 satisfied customers
Am a beneficiary of a Bank account in Uk, am in need to pay
Am a beneficiary of a Bank account in Uk , am in need to pay taxes , but I don't have enough money to pay for it before getting access to my money in UK , is there a solution ? … read more
Sam
Sam
Accountant
14,110 satisfied customers
My wife and i have a private investor plan for a grandchild
My wife and i have a private investor plan for a grandchild it is taxed at10% do I have to pay any extra tax I pay at higher rate and my wife pays no tax I do not fill tax returns but before I retired… read more
Sam
Sam
Accountant
14,110 satisfied customers
I have a question on capital gains tax on earnings abroad.
I have a question on capital gains tax on earnings abroad … read more
Sam
Sam
Accountant
14,110 satisfied customers
You did not answer the question I asked which was can the
You did not answer the question I asked which was can the loan I made to the company of 2.6m be deducted as a liability of the company from the valuation of the company?… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I invested in a Listed corporate bond three years ago
I invested in a Listed corporate bond three years ago through my bank. I have been declaring the coupon return i received as Interest income (Not dividend). I just sold my holding at a lower price tha… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
A UK tax resident and own shares in a uk company which owns
a UK tax resident and own shares in a uk company which owns a european dwelling which I use for holidays. I bought the shares for 2m some years ago when the property was valued at 2m. I have loaned th… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I applied for the married persons tax allowance.I think
I applied for the married persons tax allowance.I think that's what its called ....it's when your husband can get tax relief if his wife doesn't earn any money or pay tax. I applied to get it back dat… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
Question for Sam*** Current Job Title:Tax Consultant Most
Question for Sam*** Current Job Title:Tax Consultant Most Advanced Degree:Higher Officer HMRC Professional Licenses:FTA AATHi Sam,I have been looking at lots of your answered questions and feel you wo… read more
Sam
Sam
Accountant
14,110 satisfied customers
In October 2013 I bought shares in an overseas company
In October 2013 I bought shares in an overseas company denominated in USD for 5000 USD which i paid from my overseas USD bank account which i had when i was working overseas prior to 2013. I sold the … read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I am trying to prepare a balance sheet for a micro entity
I am trying to prepare a balance sheet for a micro entity with the following numbers … read more
taxadvisor.uk
taxadvisor.uk
Accountant and Tax Practitioner
Chartered Certified Accountant - FCCA
3,128 satisfied customers
I want to ask a question aboutCGT on but to let property. I
I want to ask a question aboutCGT on but to let property . I have owned a house for a long time so it has increased in value a lot so I want to know how to avoid CGT if I sell it… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
I have italian citizenship and want to live in the uk i am
i have italian citizenship and want to live in the uk i am resident in argentina … read more
taxmanrog
taxmanrog
Master\u0027s Degree
815 satisfied customers
Am trying to return my financial to the company house but i
am trying to return my financial to the company house but i keep getting the message Previous period: Shareholders' funds must be equal to the total net assets (liabilities) … read more
taxadvisor.uk
taxadvisor.uk
Accountant and Tax Practitioner
Chartered Certified Accountant - FCCA
3,128 satisfied customers
My ex-wife gifted me £15k during the 2016/17 tax year - do I
My ex-wife gifted me £15k during the 2016/17 tax year - do I need to declare it on my SA? … read more
Sam
Sam
Accountant
14,110 satisfied customers
I have a client who travelled from Dundee to Oxford as a
I have a client who travelled from Dundee to Oxford as a scientific consultant and was self employed for two months. The company for whom he was consulting in Oxford offered him employment which he th… read more
bigduckontax
bigduckontax
Accountant
FCCA FCMA CGMA ACIS
871 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x