Livery general principles

Livery general principles

Didn't find your answer?

Hi,

Would any kind person be able to point me in the right direction of information/advice on things to look out for when preparing accounts for Livery? I can't seem to find anything on hmrc or the web in general!

Thanks

Ben

Replies (1)

Please login or register to join the discussion.

By Marion Hayes
16th Jan 2012 21:20

Equine I assume?

I take it you mean livery of horses - there are two basic kinds of livery.

The first is a property income basis as you are only renting out the stable/facilities/land and provide no services. The second is where you provide added value by looking after the horse and providing feed etc and that is considered to be a trade.

Grazing of horses does not protect the agricultural nature of land and buildings as it is not classed as farming.

Once you have identified the nature of the income the usual rules apply.

The one area to watch for I found was the services of third parties such as blacksmiths and vets as these are actually disbursements.

Country Landowners Association and the NFU have very useful helplines for members.

Thanks (0)