Selling surplus farm machinery and tax
- Thread starter super4
- Start date
Nearly
Member
- Location
- North of York
Choose a bad year to part with surplus stuff. This year?
Schedule other repairs or machinery replacements in same year.
There's no getout.
Schedule other repairs or machinery replacements in same year.
There's no getout.
Dave W
Member
- Location
- chesterfield
get your local machinery dealer to buy it for what it’s written down to with invoice . rest in dirty cash laundered from drugs or hookey fags
- Location
- South Wales UK
Ask white van person with funny lingo in their caravans how they address hmrc with this issue possibly???
Wellytrack
Member
Ah, you have machines worth money to sell. That’s where you are going wrong. My last machinery sale made 200 a ton.
farmerm
Member
- Location
- Shropshire
Offset sales against purchases is probably about as best you can do or wait for a year with losses. What sort of money items are you talking about? A 1980s set of discs with £200 scrap or a tractor worth £80K?
Put some money into pension.
80k min could easily double that. Depends on various things.
Probably best option but nice to have the cash.
Not looking to buy. Want to go in a different direction.
- Location
- south norfolk
Little cash is ok but not a lot.no one wants it and you may have to prove where it came from,so I’m told
nick...
nick...
Steevo
Member
- Location
- Gloucestershire
It could be argued that a pension could also just be delaying paying the income tax....depending on what your income is when you start to draw it.
- Location
- Galloway
There is worse things than paying tax . ie not paying tax
Don't draw on it; becomes IHT free too in your estate then.
Last edited:
Expanded and improved Sustainable Farming Incentive offer for farmers published
Expanded Sustainable Farming Incentive offer from July will give the sector a clear path forward and boost farm business resilience.
From: Department for Environment, Food & Rural Affairs and The Rt Hon Sir Mark Spencer MP Published21 May 2024
Full details of the expanded and improved Sustainable Farming Incentive (SFI) offer available to farmers from July have been published by the...
From: Department for Environment, Food & Rural Affairs and The Rt Hon Sir Mark Spencer MP Published21 May 2024
Full details of the expanded and improved Sustainable Farming Incentive (SFI) offer available to farmers from July have been published by the...