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Thank you for your answer.
The sost to opbtain was only £500 because the assets and goodwill were bought from a company in liquidation. The buying business was transform cars, already in existence. The lease is in my personal name, and on renewal i think i may have incurred about £1000 in legal fee and surveyors fee to renogiate the lease and rental.
On selling the Business i think i paid about 2200 legal fee.My annual profit for that year shoud be around 10,000. or even less. Although thisis an estimated figure as yet as the accounts are not finalised.
I was abroad for 3 years and thats why the delay.I will not be purchasing another business.
This is not complex at all.The business called transform cars was sold for £65000. the consideration was split as goodwill £63499 Assets £1000 and The lease £1.
The £10,000 is an estimated profit. The premises were rented and the lease was in my name,
As i said I was abroad for 3 years I returned about 6 months ago. I am now in touch with the revenue and trying to complete my tax return myself for 2012/2013.
Pleasew calculate the cgt and let me know.
Thank you very much. Do i not get entreprenuers Relief, because I was trading as a sole proprietor, and if I do i understand the tax rate will be 10%. Please confirm