Sale of Restaurant Lease+ equipment but not the business :)
Lina
Registered Posts: 41 Regular contributor ⭐
Hi,
I would appreciate if someone could give me advise on how to treat Restaurant's Lease Sale. Capital Gains or just as trading income.
Company had about 140,000 loss in the last two years. They started this business from the scratch: leased premises without any A4/5 licence, then got licence. Carried all necessary work in order to get approval for local council. They started to trade after about 1 year since they signed the lease.
If I treat the Income from Sale as Capital gains, will I be able to offset all trading loss for the past two
ears against the Gain?
They are keeping Company to themselves as they will carry out business once they find new premises. Their business is unlimited CIC.
Thanks for the answers
I would appreciate if someone could give me advise on how to treat Restaurant's Lease Sale. Capital Gains or just as trading income.
Company had about 140,000 loss in the last two years. They started this business from the scratch: leased premises without any A4/5 licence, then got licence. Carried all necessary work in order to get approval for local council. They started to trade after about 1 year since they signed the lease.
If I treat the Income from Sale as Capital gains, will I be able to offset all trading loss for the past two
ears against the Gain?
They are keeping Company to themselves as they will carry out business once they find new premises. Their business is unlimited CIC.
Thanks for the answers
0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 325 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 95 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 202 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership