Can someone clarify for me...if I sell a small guest house I know I am liable for cap gains tax but am I able to deduct estate agents fees before my tax is assessed i.e. is it ok to use a really good and expensive estate agent because the fees are deductable anyway?
2006-07-16 23:54:09 · 4 answers · asked by Jackie 4 in Business & Finance ➔ Taxes ➔ United Kingdom
I believe such professional fees are deductible, yes.
But frankly, you should hire a chartered accountant to help you minimize your tax exposure.
2006-07-16 23:58:28 · answer #1 · answered by metavariable 4 · 0⤊ 0⤋
Why would you unnecessarily crap away your profit on an over priced agent when you only have to pay 15% tax on the earnings?
Yes, the fees are deductible........
2006-07-17 04:29:42 · answer #2 · answered by 3eleven 4 · 0⤊ 0⤋
i believe this is possible as i believe cap gains is only payable on net profit get some good financial advice from a proffessional there may be other legal ways to reduce your tax bill
2006-07-17 00:07:37 · answer #3 · answered by mumoftheyear 3 · 0⤊ 0⤋
unless you are conspiring to cheat the tax men ..
i don't; see how you are going to gain by this
what you deprive the tax men .you will end up giving it to the estate agents ..
2006-07-17 05:22:16 · answer #4 · answered by JJ 7 · 0⤊ 0⤋