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Tax scenario for self employed property renovator

  • 02-02-2020 2:28pm
    #1
    kingdomfan
    Registered Users, Registered Users 2 Posts: 31 ✭


    Hi all, have been dabbling in house renovation in my spare time over the past 10 years while working full time PAYE, and only paying Capital Gains on any profit, but the stage has come in my career where I am thinking of going full time with the renovation work.

    Can some tell me what would be the best way to set myself up tax wise for the following scenario;
    Buy run down property for 100K
    spend 20k and 4 months on renovation
    sell for 150k
    do this 3 times a year.


Comments

  • #2
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,888 ✭✭✭✭Calahonda52


    So you can get an extra 50 k for a 20k investment over 4 months so
    assume CGT at 1/3 so you make 10 net for an investment of 20, 3 times a year
    some rate of return

    “I can’t pay my staff or mortgage with instagram likes”.



  • #3
    housetypeb
    Registered Users, Registered Users 2 Posts: 1,197 ✭✭✭housetypeb


    You won't be doing it 3 times a year either, assuming all your money is tied up in one property at a time, 4 months to renovate and sell and buy again is too tight a time frame.


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