Tax on House Flipping

I purchased a house last year to renovate and sell on for a profit jointly with my wife. (It has not been lived in and has remained empty throughout). We also own a house that we live in. We are about to sell it. Can we register as sole traders and pay income tax on any gains, rather than pay capital gains tax? If so, what are the benefits of doing it this way?

Hi,

This is a choice for you to make as to whether you have a self employed property business or a capital gain.  

HMRC are unable to provide financial planning advice. You may wish to speak to an independent financial adviser for further assistance.

Thank you.