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Self-employed & need an accountant with expertise on CGT liability.

5 replies

westtwo · 03/05/2014 19:55

Would be very grateful for any recommendations please. I am self employed been doing my own accounts for ages earning less than 15k p.a. and am voluntarily registered for VAT and do my own VAT returns. I bought a flat to live in in February this year after years of renting but unforeseen circumstances mean I can't move into it immediately so have decided to rent it out for 6 months and continue renting where I currently am (I do not own any other property only this one flat I bought). So now I own a flat in London but will not live in it for the first six months of ownership. When it comes to doing my next tax return I will need to fill in pages for income earned from a property (for the 6 months I've rented it out) but chances are I will also sell it within next two years to move to another part of the country and I wondered what my CGT liability would be when I do sell because I rented it out for 6 months? I could do with a chat with someone who is up to date on CGT/Private Residence & lettings relief and will need help with the 'income from property' part of my Self Assessment which I'll need to do next year but am worried that I'll incur CGT when I come to sell my home because of the rental I've done. If anyone is clued up on this I'd appreciate it and also appreciate a recommendation of an accountant who'd be willing to talk to me and help with this part of my SA when the time comes.

OP posts:
westtwo · 03/05/2014 20:42

Sorry! Should have said/added I am looking for recommendations for a friendly, reasonably priced accountant in London area who can advise and maybe help me or check my calculations for the expenses I should deduct for the six month let as this is extra income I will need to declare to HMRC.

OP posts:
TalkinPeace · 08/05/2014 22:14

ask among people you know, not strangers

westtwo · 08/05/2014 22:33

Thanks. I have asked among people I know, and not had any recommendations, hence my post on here.

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TalkinPeace · 09/05/2014 16:40

then your next best bet is the UKBF ... full of v friendly accountants, some of whom might be local to you
www.ukbusinessforums.co.uk/forums/accounts-finance.55/

westtwo · 09/05/2014 18:41

Thanks.

I will post on that forum, that looks great.

Thanks for posting the link. Smile

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