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Entrepreneurs relief question

Sole trader sells the business and property from which they trade- can they claim entrepreneurs reli

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Hi, If a sole trader has a commercial mortgage for a business premises which they trade from (retail florist), upon selling the premises and business, would entrepreneurs relief of 10% apply if the business (sole proprietor NOT ltd company) had not paid rent, but the mortgage interest had been claimed as an expense within the accounts, and the mortgage repayments had been paid from the business bank account (but dealt with as drawings). I hope that makes sense? 

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By Accountant A
06th Sep 2019 16:48

If you are, as you mentioned in your last question, a "small time book keeper", I would avoid the temptation to give tax advice. I suspect that, if things went wrong as a result of inadequate advice, your PI insurance would not pay out.

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Replying to Accountant A:
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By puds2015
06th Sep 2019 17:20

I'm just trying to think things through and get the jist of it. I won't be giving any actual advice- but would like to have the general idea in my head.

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By chicken farmer
06th Sep 2019 16:56

If the trader owns the property the business cannot pay rent: you cannot contract with yourself.

You need either to study the legislation or seek advice from someone who has.

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Replying to chicken farmer:
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By SXGuy
06th Sep 2019 20:16

The ops previous question related to whether the client could claim mortgage interest so it's doubtful the client has or is claiming either.

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By SXGuy
06th Sep 2019 20:15

Why do you think that claiming mortgage interest on a commercial loan would stop ER from being claimed?

What do YOU think the requirements for claiming ER is?

The two questions I've seen you ask recently are things which any half decent accountant would already know, and if you intend on learning something then your time would be better spent reading legislation instead of asking here.

Do the research.

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