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I rent out 6 separate fields. 5 are used for grazing of horses and the 6th is used for dog exercising. The income derived is split between 2 people as a partnership. The land is formally registered with DEFRA and we receive a farming subsidy where the business address is my home address. The land in question is actually about 100 miles from my home address, it has no facilities ( ie no water, electric) it is just fields.
I personally administer rent collection, completing forms for Defra and any general enquiries from my home office where I have my PC, internet, phone etc.
I make occasional visits to the land for inspection purposes and also to check data for my Defra submission.
The land was recently put up for sale and I have used agents local to the land to administer the sale. I also appointed a local solicitor to issue tenancy notices. Clearly this has involved an increase in visits to liaise and brief the sales team.
I have always viewed my place of work as my home address where the business is registered with Defra and all day to day admin is carried out. Is this correct ( my home is my place of work) and leading from that my occasional but essential mileage particularly of recent date briefing the sales team is then presumably an allowable expense.
I was gifted a 25% share in 20 acres of agricultural land in 2011. I sold this in December 2022 and there was clearly a gain. Do I declare the gain in my normal self assessment for tax year 2022/2023? or is this done now and independent of anything else?
In terms of assessing the gain...I have a valuation dated 2008 which I can uplift to 2011 and there have been capital improvements by the addition of some stable buildings...these have attributed to an increase in the sale value but presumably the build cost of the substantial 2 buildings can be offset against the gain as a capital improvement.
My business partner is the nominated partner for Accounts and tax returns ( there are just 2 of us}. The SA 800 for 20/21 has been completed and returned on time in line with our end of year accounts. However I have noted a mistake ( I only saw the accounts when the SA 800 was submitted) which has turned a small profit into a small loss.( circa +£1500 to - £1500) I have asked my partner to revise the SA 800 and make contact with HMRC. Despite contacting my business partner twice she has failed to make the necessary amendments and contact accordingly. Can I intervene? and submit the correct figures? The business is to be wound down during 22/23. financial year and the partnership dissolved
Approx 20 years ago I was gifted 20 acres of agricultural land by my father. The land is 120 miles away from my home address and has been let throughout that period to 3 tenants for horse grazing. Management by me is very much hands off due to the distance and the nature of the tenancy agreements where the tenants are fully responsible for all ongoing maintenance of fences. I tend to visit perhaps 3 times a year and 1 of those visits would involve me supplying and delivering fence posts etc. Management on my part is dealing with phone calls, checking rent is paid by Direct debit on time and dealing with DEFRA. All this is achieved from my home address.
18 months ago a decision was made to sell the land and this process has involved more frequent visits to interview and appoint a land agent and solicitors for both conveyancing and dealing with serving notices. I consequently have completed more miles than usual in the last 18 months. A question arises about mileage being an "allowable expense" for my tax return. Is my place of work home? or is it the address of the land concerned?