Hi, I have just purchased my first property and plan to renovate and sell over 3 months. I purcahsed it in my wifes name as she is a part time worker and low tax payer. I realise she will have to declare any gains as 'income' when property is sold but can write off costs against her tax bill. My question is that given i am doing a lot of the renovation work myself at weekends etc, is there a way to claim my time/effort as 'costs' given that i can't really write an invoice etc? Any other tips on avoiding tax will be appreciated ( i have read the tax guide on this site). I am trying to avoid renting at the moment as i don't have time to look after tenants and agents seem to want a big percentage for doing this. Thanks,

Haf, Depending on the level of profit you expect, I'd have thought that the most tax efficient way to purchase would have been in joint names, then both of your lower rate income tax allowances and/or both of your CGT allowances will get fully used up. I think you can only claim costs that have genuinely been incurred - i.e. you handed over some cash. Nominal costs of the type you describe I don't believe are allowed. It's therefore important to record every cost that whileley and exclusively to do with your renovation work. There's direct costs for which you'll have invoices or receipts, then there's incidentals like phone calls, letters and postage, and you can claim 40p per mile for all those journeys to B&Q. Andrew