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Our clients, a married couple, recently purchased a 40-acre farm with a farmhouse in which they reside. There are four derelict barns on the land and limited planning permission to convert one of the barns into two holiday cottages has been obtained. Letting should commence by Easter 2007. Subject to the success of the first venture and to further planning consent, some of the other outbuildings may be converted (possibly for holiday accommodation, B & B, etc.).
Our clients a married couple recently purchased a 40-acre farm with a farmhouse in which they reside. There are four derelict barns on the land and limited planning permission to convert one of the barns into two holiday cottages has been obtained. Letting should commence by Easter 2007. Subject to the success of the first venture and to further planning consent some of the other outbuildings may be converted (possibly for holiday accommodation B & B etc.).
The clients have also acquired a small flock of pedigree sheep and intend to farm and sell the progeny and at the same time expand the flock numbers.
The clients have voluntarily registered for VAT enabling them to reclaim any VAT on the expenditure incurred on the conversion expenditure and the farming activities and VAT will be payable on the holiday lettings in due course. However ...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
