Diversification ideas

[Greenmachine2*]

We have a shed and around half an acre of hard standing on an out farm that isn’t doing much at the moment.
Not far from a big town and motorway.
The shed is a former silage pit 60x30 with two lean twos of 20ft.
Good lorry access artics etc.
Really could do with a few ideas of how to make some extra cash from it and what potential pitfalls involved?

 

[Poorbuthappy]

Caravan storage?

 

[Hill Ground]

Where in the world are you?

 

[Cocomac]

Divide it up and rent it out as storage units? Seem to pretty popular now with small businesses looking for premises and that.

 

[Greenmachine2*]

Just north of Cardiff.

Will have to invest in cctv I suppose, are these solar powered ones any good as there is no electricity there?

 

[MrNoo]

Divide it up and rent it out as storage units? Seem to pretty popular now with small businesses looking for premises and that.

Rates are a pain esp after they have all been raised. Small units here have been given a rate bill of £2.5k/yr where as before they were exempt.

 

[serf]

Small units here have been given a rate bill of £2.5k/yr where as before they were exempt.

What's classed as small ?
When do rates kick in and when are they exempt?
( As things stand this side of Nov 1st...)

 

[nick...]

Vat is a big one too.i know of someone doing storage and vat man caught up with him and cost him a lot of money.council rates is another big expense and I know of someone who got caught on that too
Nick...

 

[robs1]

Vat is a big one too.i know of someone doing storage and vat man caught up with him and cost him a lot of money.council rates is another big expense and I know of someone who got caught on that too
Nick...

If a shed is used for only storage vat is always payable for some reason mixed use can be either, seems strange but that's tax for you

 

[Hill Ground]

when are they exempt?

When you are strictly paid cash???

 

[theboytheboy]

If a shed is used for only storage vat is always payable for some reason mixed use can be either, seems strange but that's tax for you

I'm not an expert but my understanding was the predominant use dictated vat treatment.

If is mostly storage it's vatable is the way I've approached it.

I was also under the impression open storage was not vatable.

It's a bloody minefield though, I could easily be wrong.

 

[robs1]

I'm not an expert but my understanding was the predominant use dictated vat treatment.

If is mostly storage it's vatable is the way I've approached it.

I was also under the impression open storage was not vatable.

It's a bloody minefield though, I could easily be wrong.

Not sure about open storage as we don't have that but I was told by HMRC that if its only storage it has to be vat, if it's "mainly" they like it to be vat but isn't forced on anyone. I have a company that rents one of our sheds which is mainly storage but do a few repairs on their stuff, I charge them vat as they claim it back anyway, I have one small unit that's pure storage but he is private and not vat registered, all the rest are work units

 

[Whitewalker]

Surely price it up to finish conversion, find out rateable value etc and advertise with appropriate rates if you've interest go for it if no interest there's your answer

 

[Beef farmer]

ClassQ, 5 houses and sell it.

 

[elvin farmer]

What about straw storage is that classed as agricultural?

 

[CORNFLAKE]

ClassQ, 5 houses and sell it.

I don’t think class Q applies in Wales but I may be wrong.

 

[Clive]

Rates are a pain esp after they have all been raised. Small units here have been given a rate bill of £2.5k/yr where as before they were exempt.

have the businesses not claimed small business exemption?

 

[lloyd]

have the businesses not claimed small business exemption?

I'd imagine after the end of OCT even working and living from
a tent won't be exempt!

 

[MrNoo]

have the businesses not claimed small business exemption?

They could yes, but they are currently empty as I have other plans for the building. It was divided up into three small units and as a tenant left I didn't replace him/her.
You can only claim small business exemption if it is your primary and only place of business, if you have another unit elsewhere then they'll hammer you, but prob best not to mention.

 

[Simone94]

If you're interested in storage - contact Kuboid, they'll help you! https://kuboid.co.uk/