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Best way to get a commercial property out

great advice - thank you

Didn't find your answer?

just had the best advice privately sent to me - my faith has been restored! 

Replies (22)

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By Accountant A
05th Feb 2020 20:36

Could you give an indication your budget for the advice that you want? I can then get my terms of business over for you to sign ahead of work commencing.

Thanks (6)
Hallerud at Easter
By DJKL
05th Feb 2020 22:08

Why do you have to sell the company, why not just sell the trade from the company to the buyer- saves lots of warranties re the sale agreement, good chance ER on the shares is not available anyway?

An accountant is the way to go here.

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Replying to DJKL:
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By paul.benny
06th Feb 2020 09:03

+1 (to both the possible structure of the deal and advice to use an accountant)

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By peedee
05th Feb 2020 22:13

Hi I have a partner and we’ve agreed to sell the whole thing except the premises. I’m not sure how these things work but they’ve taken the staff the vehicles everything just don’t want the property

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Replying to peedee:
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By Tax Dragon
06th Feb 2020 07:46

Quote:

...they’ve taken...

??

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Replying to Tax Dragon:
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By peedee
06th Feb 2020 07:58

Purchased the whole thing as a going concern - taken everything bought everything

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Replying to peedee:
By johngroganjga
06th Feb 2020 08:29

So the transaction has already been completed?

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Replying to peedee:
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By Tax Dragon
06th Feb 2020 09:15

It was the past tense that triggered the ??

Whatever has happened, take advice before you do anything else. But hurry up, because clocks have started ticking.

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By Wanderer
06th Feb 2020 01:37

Quote:

I am selling my business - a Ltd company - My business / company owned 2 commercial properties, the first is now owned by my pension SiPP (Purchased into the pension this year) the other (still owned by the company) has a tennant. The buyer doesn't want the remaining tennanted property owned by my company -  my question is what is the most tax efficient way to transer the commercial property to me personally - its worth £300k (Cost £180k) no mortgage or debt on it. theres not enough in the pension to buy it this year and probably next as all the funds were used on the other property. - thanks!

Quote:

Hi I have a partner and we’ve agreed to sell the whole thing except the premises. I’m not sure how these things work but they’ve taken the staff the vehicles everything just don’t want the property

2 commercial properties, a SIPP, a business sale, substantial transactions that you don't understand?
Yep, a great idea to get advice off the internet from some random strangers that you haven't supplied all the facts to.
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Replying to Wanderer:
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By peedee
06th Feb 2020 07:51

Don’t you think it’s prudent to explore all options? I made my fortune by exploring all angles of a deal not just listening to one!

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Replying to peedee:
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By Wanderer
06th Feb 2020 08:07

Quote:

Don’t you think it’s prudent to explore all options? I made my fortune by exploring all angles of a deal not just listening to one!

Sure, now spend some of your fortune getting some proper, paid for, comprehensive advice.
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Replying to peedee:
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By JoF
06th Feb 2020 08:47

Youve made a fortune but yet you wont pay for a second opinion from someone trained in how to deal with such things, instead expecting those very same folk to give their advice for free.

After the fact!

Barking

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Replying to peedee:
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By spidersong
06th Feb 2020 10:07

Yes it's prudent to explore all the options. The time to do it is normally before you pick one though, rather than after you've picked one; that's not prudence.

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Replying to peedee:
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By Accountant A
06th Feb 2020 11:28

Quote:

Don’t you think it’s prudent to explore all options? I made my fortune by exploring all angles of a deal not just listening to one!

If you have made a fortune without good finance and tax advice, it's a lot smaller than the fortune you would have made if you'd had the wit and self-awareness to have good advisers.

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By peedee
06th Feb 2020 10:53

What a great forum this is - so basically, no advice or help, its true what they say about accountancy & cricket - us entrepreneurs make the runs, while you lot keep the score - well I've just declared so i'm off, enjoy your numbers!

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Replying to peedee:
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By Tax Dragon
06th Feb 2020 11:02

You need advice and help. You recognise that fact. How do you expect anybody to assist you without information about the business, the company, your personal tax position or the property in question?

Seriously.

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Replying to peedee:
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By Wanderer
06th Feb 2020 11:03

Quote:

What a great forum this is - so basically, no advice or help, its true what they say about accountancy & cricket - us entrepreneurs make the runs, while you lot keep the score - well I've just declared so i'm off, enjoy your numbers!

Problem with us accountant types is we have attention to detail, like bothering to check what sites are for before jumping in with both feet. As you clearly didn't bother to read the details here's what it is all about:-
AccountingWEB wrote:
AccountingWEB is the largest independent online community for accounting and finance professionals in the UK - providing award-winning content and online engagement between members in a true community environment.
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Replying to peedee:
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By Accountant A
06th Feb 2020 11:14

Quote:

What a great forum this is - so basically, no advice or help, its true what they say about accountancy & cricket - us entrepreneurs make the runs, while you lot keep the score - well I've just declared so i'm off, enjoy your numbers!

Congratulations! You are just one step away from completing the usual freeloaders' routine. Your next move, after slating the profession whose help you badly need, is to delete your question and flounce off.

Just in case:

Quote:

I am selling my business - a Ltd company - My business / company owned 2 commercial properties, the first is now owned by my pension SiPP (Purchased into the pension this year) the other (still owned by the company) has a tennant. The buyer doesn't want the remaining tennanted property owned by my company -  my question is what is the most tax efficient way to transer the commercial property to me personally - its worth £300k (Cost £180k) no mortgage or debt on it. theres not enough in the pension to buy it this year and probably next as all the funds were used on the other property. - thanks!

https://www.accountingweb.co.uk/profile/peedee

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Replying to peedee:
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By Accountant A
06th Feb 2020 11:15

Quote:

What a great forum this is - so basically, no advice or help, its true what they say about accountancy & cricket - us entrepreneurs make the runs, while you lot keep the score - well I've just declared so i'm off, enjoy your numbers!

Just had a great idea for your next entrepreneurial venture. How about an accountancy practice that gives all it's skill and knowledge away for free to random chancers on the internet? What do you think? Are you "in"?

Thanks (1)
Replying to peedee:
Hallerud at Easter
By DJKL
06th Feb 2020 12:29

You still have not got it, tax planning/structure planning is not a collection of disparate ideas, it is a holistic whole, someone takes a look at the entire picture, determines face to face where you want to get to and why, tests all the assumptions in your choices, and plans you a route- think a travel agent planning the holiday of a lifetime, any idiot can book you all the bits but does it fit together, is it fit for purpose?

You can take the huff and storm away or you can listen to people giving you the best advice you can be given, see an accountant; detailed consideration of the options can only be done face to face with all the facts, this forum just cannot do that . If you were to be sent steaming in a particular direction by this board that could be a very big, and long term expensive, mistake.

Caveat emptor.

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JCACE
By jcace
06th Feb 2020 11:58

Peedee, exactly what is being sold by whom? Are you selling your shares (in the company), or is the Ltd company selling its assets?

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By justsotax
06th Feb 2020 12:20

lets see....limited 'facts' provided...unclear what has actually taken place to date......little or no hope proving the identity or expertise of the adviser....

I am sure the advice was prudent, provided the available options based upon the facts and long term goals, with appropriate tax implications of the alternatives and suggested way forward based upon the circumstances....

OF course its the best advice (although best implies you have had comparable advice?....and how do you know its best....?!) so many questions.....

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