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Land Acquisition

Land Acquisition

I have a limited agricultural company planning to buy a parcel of agricultural land for approx. £330k.

The land has a few sheds, lean to's and a horse training centre on it currently. On successful purchase they would apply for planning permission to change it's use to workshops and it's possible rental income may arise from this if successful.

Could anybody advise how the company would treat this purchase in the accounts and if any allowances would be applicable for tax purposes.

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28th Nov 2012 08:43

Nothing?

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By BKD
28th Nov 2012 10:09

If you have a limited company

Presumably you have an accountant/tax adviser. Why not ask them?

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28th Nov 2012 10:26

Bravo

BKD wrote:

Presumably you have an accountant/tax adviser. Why not ask them?

Thank you very much for your helpful and insightful answer.

Why presume? If that were the situation, I would have asked them and not the collective here.

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By BKD
28th Nov 2012 10:39

You're welcome

If you don't have an accountant or tax adviser then my advice is that you should go and get one. Why should members here, many of whom are practising advisers with fee-paying clients, hand out valuable advice for nothing?

In answer to your specific question, I'd say that yes, almost certainly, allowances would be applicable for tax purposes.

Having said that, I'm sure that there is some generous soul out there that is prepared to do some pro bono work.

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28th Nov 2012 11:32

Maybe the wording on my original question then was vague. I'm not the company owner, I am an assistant accountant researching the topic for the client. I have looked for guidance but could not find any definitive answers so came here for a clearer picture.

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