House renovations as a business

[Guest edenfieldpoms]

Hi, just wondered if anyone could help us, here in UK we renovate old house into modern up-to-date homes, then sell them on. We have done this now for over 10 years. We wanted to know if we could do this and how easy it is?

If there is anyone who has done and could advise us, we would be very grateful.

 

Thanks

April

[Guest guest569]

i think you would need to be registered as a developer with the tax man and run it as a business.

[HEAPS GOOD !!!]

My Mrs whom works for the government in setting up small businesses says if your living in the house and doing it up to sell then you do not need any licences or regos, but if they are buying it and not living it doing it and then selling then you need restricted builders licence, registered as a business, ABN etc etc...and probably a supervisors licence too...

 

Hope this helps

 

HG

[Toni]

I think HG is right. I have friends who have done this in the past. Hard work but in the right market can be rewarding.

[steveliane]

I heard something on tv about this that if you make structural changes you will have to pay capital gains tax.

[ian mc]

All depend on the way that you do it staying in it or living somwhere else while doing itthe answers above will let you work it out if you turn to many round while staying in it they will say it is a buisness. the market is poor just now and has been for some time and there is no sign of any improvement in the near future. Ideal time for buying just now as long as you can hold on to it for a couple of years. Alot of the older houses are not worth doing up as they did not have the knowhow as they have now due to the poor soil conditions here a lot of areas have reactive soil. They pull a lot down and build two houses on the block.

[Guest edenfieldpoms]

Thanks everyone for all the info, I think we will just have to enquire more when we get over, see if it's worth it.

April & will