Self-filing company tax/ CT600/ accounts for property LTD queries
Hi all,
I set up a limited company (sole director, no employees or anything) to buy a house with hopes of renting it out, bought it in a bad condition on a bridging loan and been fixing it up, remortgaged it for a higher price and got some money that is currently still being used towards utilities/ council tax/ insurance/ mortgage and materials for fixing it up - all through a Tide business bank account set up at the start
I have not had any rental income, it’s not yet ready for tenants
I need to file my taxes/ CT600/ accounts really soon
Had a few questions I was wondering if anyone has any experience with:
- as I haven’t had income, I will just be filing accounts of losses, is this worth it to carry forward? Or is it better to say the company was dormant?
- the remortgage money that came in, not sure what to categorise that as? It’s not really income it’s just a bigger loan
- what are the benefits of registering for VAT? Don’t intend on having employees and stuff, just want to buy a few houses and rent them out
- What comes under capital asset of property purchase - all the solicitor fees too? I understand this cannot be offset against rental income when I get it, it only comes into play if I ever sell the house against capital gains tax
- the bathrooms were in bad condition, so ripped it out and put a new one in and new flooring because it was nonexistent - does this count as repairs expense or capital asset as renovation ?
- I am using Free Agent software, has anyone used this and can confirm that it’s a good choice?
Really appreciate any comments or tips 🙌
u/Fragrant-Bird3365 — 5 days ago