Daydream thread continues.....

rozeepozee

Itismehonest wrote: »

As far as I can see, rozee, the only way is not to have anything which can remotely be assessed as commercial.
If you have an annexe make sure it's attached to the house. It will still be liable for separate CT but as long as it doesn't have restrictive planning permission you should still be able to function as residential.
However, once it has been used as a rental property it seems things can be defined differently anyway.

Of course, if you run any other form of business from your home then that, as always, depends on planning permission & exactly what terms any mortgage lender specifies as allowed or not.

At least we don't have a mortgage ourselves to complicate things although it's meant taking a hammering on savings interest without any of the benefits of low mortgage rates.

I've left a message for the guy at our local NFU to see if they have any suggestions. The annexe is planned to be very much part of the house. It'll share some of the ground floor and the main house's bedroom will be above it. It's designed with grannies and granddads in mind! However, we have a CCC site and B&B opposite us and a neighbour who has a static he rents out, so I'm thinking there may be some scope for renting out the spare accommodation part of the year. We also think longer term, there may be scope for a camp site on the big field... Ho hum. It's complicated as there may be some advantages from a tax & expenses etc point of view from running as a business, although how much if any profit can be made, I really don't know yet.

lostinrates

Rozzee......sweets, i would edit a little for security.


The problem for us as i see it 'business' is committing to stay here forever, capital gains issues..... Its very modern , and imo destructive, this idea of don't take your work home with you!

rozeepozee

LIR, I noticed the difference an A road makes to a community. Our village has a minor road running through it and it's still small enough for you to wave at a neighbour and cross the road for a chat. The next door village has an A road and the whole atmosphere completely different. As you say, a community sliced in half.

lostinrates

rozeepozee wrote: »

LIR, I noticed the difference an A road makes to a community. Our village has a minor road running through it and it's still small enough for you to wave at a neighbour and cross the road for a chat. The next door village has an A road and the whole atmosphere completely different. As you say, a community sliced in half.

My bigger fear would be it sets a new boundary line for future town development. The road in existance is atm a natural boundary.....some three miles to west and north of plans at current point. I am far too relusive for that sort of community to be my natural habitat.

rozeepozee

lostinrates wrote: »

Rozzee......sweets, i would edit a little for security.


The problem for us as i see it 'business' is committing to stay here forever, capital gains issues..... Its very modern , and imo destructive, this idea of don't take your work home with you!

Thanks I've snipped - is that what you meant?

I wonder how much/how often something has to be run as a business for it to fall into CGT category? I wish I could remember more tax law!

rozeepozee

lostinrates wrote: »

My bigger fear would be it sets a new boundary line for future town development. The road in existance is atm a natural boundary.....some three miles to west and north of plans at current point. I am far too relusive for that sort of community to be my natural habitat.

Aww, bless you. Do you live really rurally? That would give me the heebeegeebies. I need neighbours! Human ones!

Itismehonest

rozeepozee wrote: »

I've left a message for the guy at our local NFU to see if they have any suggestions. The annexe is planned to be very much part of the house. It'll share some of the ground floor and the main house's bedroom will be above it. It's designed with grannies and granddads in mind! However, we have a CCC site and B&B opposite us, a neighbour who has a static he rents out and Rhosgilwen Mansion which does wedding and events a few hundred metres away, so I'm thinking there may be some scope for renting out the spare accommodation part of the year. We won;t need seven bedrooms all year round, plus a static... We also think longer term, there may be scope for a camp site on the big field... Ho hum. It's complicated as there may be some advantages from a tax & expenses etc point of view from running as a business, although how much if any profit can be made, I really don't know yet.

Yes, edit, rozee. Don't make it too obvious where you are.

The problem with this residential/commercial thing seems to only have arisen since the credit crunch & lenders tightening up. In this sort of case it isn't tightening up to make sure they aren't lending to people who can't afford what they want - it's trying to make it as hard as possible to get a mortgage, as far as I can see.
I don't know if you saw this thread from elsewhere but it shows what I mean.
It is very likely that all the existing businesses around you are unaware of what's now happening - just as we were. It will also depend on whether they would be selling the whole property as commercial.
It's the old "home with possible income" that's been clobbered not anything purely commercial.

In fact, I told our estate agent..... they didn't know themselves & checked with their Mortgage Advisor to be told it was true. They have several properties on their books which will have problems.

lostinrates

rozeepozee wrote: »

Thanks I've snipped - is that what you meant?

I wonder how much/how often something has to be run as a business for it to fall into CGT category? I wish I could remember more tax law!

Yes! Well done.

I wish you could remember more tax law too! Dh just blinks when i ask him ands mutters about asking someone or other then wanders off. His sort of law is very not useful!:rotfl:

rozeepozee

I can help if you're sectioned :rotfl:

lostinrates

rozeepozee wrote: »

I can help if you're sectioned :rotfl:

Well, you never know! In fact, perhaps i should put you on speed dial...:D:rotfl: