Valuation

[dizzyG]

Wr bought a proprerty and used it for our business for 10 years. We then built a flat above it, self build, 20 years ago. We are now selling it. How do we value the buying price?

[calebrrw929]

The purchase price is what you paid 10 years ago. The flat is what you spent to build it. Keep all your receipts from the self-build. Without those, HMRC will estimate and you'll lose out.Reply 1
You need to split the valuation: original commercial property and the self-built flat. Your base cost is original purchase price for the business part, and your actual building costs for the flat. Get a surveyor to apportion it properly.

[wamstax]

What are you selling? the whole property that you hold or merely the flat?