175 acres was sold together with all the buildings. The entire suckler herd (up to 200 cattle) was also sold, plus all the machinery (tractor, Merlo, trailers etc). My husband now spends most of his time in the house and garden. We are going to see a specialist accountant tomorrow and I am taking all of this correspondence with us. I hope very much that this new accountant will give us the absolute reassurance and written advice that we seek.
Thank you for your helpful comments. I do wish my husband would just let the land for a while before choosing to do something with it himself at a later stage, then I could sleep easier at night. He has now contacted the NFU (National Farmers Union) who, he says, have told him he is doing nothing wrong and he could even claim single payment and register for VAT!
Is there a time limit on how long HMRC can take to challenge an application for ER? And under what circumstances might they decide to make a claim?
Many thanks for your kind and helpful advice, which I will pass on to my husband. I agree that we need to seek advice from a second accountant, one who is more experienced and is willing to give written advice.
We are paying for advice, but my husband's accountant has refused to give him written confirmation of what he can and cannot do, and other professionals we are dealing with find this alarming. The accountant says we are eligible for entrepreneur's relief but the other professionals say they don't think we are.
My answers
Dear Mr Tax Dragon,
175 acres was sold together with all the buildings. The entire suckler herd (up to 200 cattle) was also sold, plus all the machinery (tractor, Merlo, trailers etc). My husband now spends most of his time in the house and garden. We are going to see a specialist accountant tomorrow and I am taking all of this correspondence with us. I hope very much that this new accountant will give us the absolute reassurance and written advice that we seek.
Dear Mr Blake and Tax Dragon,
Thank you for your helpful comments. I do wish my husband would just let the land for a while before choosing to do something with it himself at a later stage, then I could sleep easier at night. He has now contacted the NFU (National Farmers Union) who, he says, have told him he is doing nothing wrong and he could even claim single payment and register for VAT!
Is there a time limit on how long HMRC can take to challenge an application for ER? And under what circumstances might they decide to make a claim?
Dear FawltyBasil,
Many thanks for your kind and helpful advice, which I will pass on to my husband. I agree that we need to seek advice from a second accountant, one who is more experienced and is willing to give written advice.
Thank you Justin for taking the time to send me these links, which I have read and will now pass on to my husband to read.
We are paying for advice, but my husband's accountant has refused to give him written confirmation of what he can and cannot do, and other professionals we are dealing with find this alarming. The accountant says we are eligible for entrepreneur's relief but the other professionals say they don't think we are.