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selling a business and house combined

 
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bandydai



Joined: 27 Feb 2007
Posts: 56
Location: South Wales
PostPosted: Thu Apr 19, 2007 8:50 am    Post subject: selling a business and house combined Reply with quote
I will be selling this year,my house and small business which is run from home. How do we determine the amount of tax we have to pay on the business side of the transaction? The valuation is taking into account the turnover and goodwill of the business. We are selling as a 'going concern'
because the business has bookings for months ahead. The house is residential, and not part of the business but the business can only be run from home. The profit from the business is approx £16,000 PA. How is the valuation worked out? and how much tax would we have to pay?
Thank you.
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AlanE
Moderator


Joined: 29 Jun 2003
Posts: 1206
Location: Colchester Essex
PostPosted: Thu Apr 19, 2007 9:00 am    Post subject: Reply with quote
With that amount of money involved I would suggest a good accountant who can advise you after taking full account of all your finances.

Probably save more in the long run as well.
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