Selling surplus farm machinery and tax

[super4]

I have a few items of machinery to sell. Anyone any ideas on the most tax efficient way to dispose of them. We farm in a partnership. My accountant says sales will go into profit pushing us into high income tax bracket. Wondered if missing any other solutions? Tia

 

[Nearly]

Choose a bad year to part with surplus stuff. This year?
Schedule other repairs or machinery replacements in same year.

There's no getout.

 

[Dave W]

 

[Will 1594]

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

 

[David.]

The Grim Reaper and The Taxman.
They await us all.

 

[Still Farming]

Ask white van person with funny lingo in their caravans how they address hmrc with this issue possibly???

 

[CPF]

Had the increase tax in your selling price

 

[Wellytrack]

Ah, you have machines worth money to sell. That’s where you are going wrong. My last machinery sale made 200 a ton.

 

[farmerm]

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?

 

[Moors Lad]

You need some advice from your accountant!! Nothing you need to buy that`ll help your situation?? Something you might need soon??

 

[B R C]

Put some money into pension.

 

[David.]

At least then you get the income tax back.

 

[super4]

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?

80k min could easily double that. Depends on various things.

 

[super4]

Put some money into pension.

Probably best option but nice to have the cash.

 

[super4]

You need some advice from your accountant!! Nothing you need to buy that`ll help your situation?? Something you might need soon??

Not looking to buy. Want to go in a different direction.

 

[nick...]

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...

 

[Steevo]

Put some money into pension.

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.

 

[Stewartry hill]

There is worse things than paying tax . ie not paying tax

 

[David.]

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.

Don't draw on it; becomes IHT free too in your estate then.

 

[ARW]

Is anyone buying machinery? Could be hard to sell currently?