Buying commercial property, tax implications?

[Nish]

Hi All,

Hopefully someone can help.

I plan to buy a commercial property, value 350k.

It consists of 12 flats (sold on long lease) and two offices.

The return from the leases etc means I will make approx 1k a month after paying the mortgage etc off.

Now what are the tax implications of this? I work as a contractor so have a "day job" etc. Will this be classed as a second income and therefore will i be charged 40% of this 1k?

Obviously there are ways around this, but I am blind to them all. So i guess i need the advice of an accountant or similar.

Any recommendations/help much appreciated!

[Eric Mc]

I replied on your duplicate post, if you're interested.

[Nish]

Thank you for the prompt reply Eric Mc. (sorry no idea how to merge duplicate threads)

The expense vs profit part I was expecting, excuse my ignorance, but are you an accountant?

A candid and honest conversation with an accountant is what I need I think.

[Eric Mc]

Yes - I am an accountant .

Edited by Eric Mc on Wednesday 25th April 09:40

[Nish]

Emailed.

[Eric Mc]

My e-mail connection has suddenly started playing up so you're message hasn't come through.

I'm in all day so If you want to discuss matters, call me on 01252-653383.

OK - it's working again - although I haven't yet received the message.

Edited by Eric Mc on Wednesday 25th April 10:34