Tarw Coch
Member
- Location
- Bottom of Wats Dyke
Fair enough, It was the backwards relief that was of interest to me so probably wasn’t paying full attention on the forward reliefs
Tax implications.
- Thread starter nails
- Start date
Nearly
Member
- Location
- North of York
As is, there are a couple of issues on the asbestos sheds and the planners are making all the wrong noises.
We have a price in mind and if it doesn't get there then we'll push it ourselves.
I've just spent the fighting fund on 3 acres up here, oops.
DealeyPlaza1963
Member
If you have made a profit and legally there's tax due from it , if there's no legal way to reduce it, pay the tax - How else are all the various and growing number of services needed by the country going to be paid for? To confirm what if any taxes are due, ask your accountant.
- Location
- Northumberland
I have had full planning in on part of mine since November last year.I dare not write on here what i think of the planners so farAs is, there are a couple of issues on the asbestos sheds and the planners are making all the wrong noises.
We have a price in mind and if it doesn't get there then we'll push it ourselves.
I've just spent the fighting fund on 3 acres up here, oops.
- Location
- Somerset
CGT can be quite simple. The easy way is to just pop the gain (sale less purchase) onto a tax return and pay the tax. 10% or 20% on anything that isn't residential, 18% or 28% on residential. Rate depends on your income tax bracket depending on your income. Unlikely to get you the best outcome in terms of tax paid, but is compliant and cheap on professional fees.
Slightly better outcome, after the sale, pop the gain on the return, see what relief it qualified for. A good accountant will do this as a matter of course. Roll over relief, 3 years forward or one year back, assets sold and purchased must generally be business assets. Business Asset Disposal Relief, new name for Entrepreneurs Relief, only £1m lifetime limit now, as it says on the tin, for disposing of business assets but needs to be a sale of part of the business for 10% rate, not just a bit of land. Any previous capital losses? Former dairy farmer with milk quota losses? Can be offset against other gains. The best that can be done by professionals after the sale has gone through.
Ideally, take advice before you sell. That way a good accountant can make sure you qualify for as many reliefs as possible. Maybe split between spouses before sale, make sure timing is right for rollover, ensure losses are used against the right sales, make sure the 10% rate applies if disposing of part of the business. A good accountant should always earn their fees in these situations, or be honest if the cost would outweigh a saving.
I must also caveat that I do not know your circumstances and this cannot be relied on as tax advice.
Should also say that I do work for Old Mill Accountants in the day job, and would always be happy to speak to anyone regarding accountancy and tax (and farming!). Just send a pm on here.
- Location
- North yorks
In the same planning area as @Nearly i’m just not sure if they as a) awkward as possible b) can’t read their own rules c) bent as a 9 bob note.I have had full planning in on part of mine since November last year.I dare not write on here what i think of the planners so far
Possibly all 3
- Location
- Northumberland
I seem to be encountering all three here at present
Nearly
Member
- Location
- North of York
Having moved up from Huddersfield / Kirklees I can say Hambleton are pretty straight. I've given up with Kirklees.
@dannewhouse
- Location
- Darlington
Your Durham aren't you?I have had full planning in on part of mine since November last year.I dare not write on here what i think of the planners so far
spanners and hammers
Member
- Location
- cambridgeshire
glad it not just round here thought it was only ours
- Location
- Northumberland
Northumberland.