Hi all,
Few words on the context. Self-employed & VAT registered since 2012. I do online advertising, I run campaigns on Internet selling online marketing adv banners and traffic (impressions, clicks, leads etc) to my customers. Those adv are placed mainly on my websites, that I built from scratch (all expenses reported on yearly self-assessments vs turnover generated), I also buy spaces on other websites and sell it to my customers. It's a very special niche where most of the deals are signed based on personal trust, direct relation and live meets in monthly exhibitions organised in different places in London and Europe. Nothing cool really, an ordinary busy job, good enough to feed my family and pay the bills.
Now what's happened. Pandemic arrived in early 2020, exhibitions and shows were (and still are) cancelled, my business started to decline, contacts disappeared (on furlough, or wfh doing nothing and with no budget at all), a difficult situation for me and my industry and when I was already working hard to reconfigure and reorganize all the SEISS grants arrived to save things. I am using these funds to keep things afloat in life and to fund works on new sites and projects, diversifying for the future. Then the 2nd wave arrived with another lockdown and it was when my wife has been made redundant that I really started panicking. I decided to accept the offer of a UK company to sell them my oldest, best and biggest website, with domain, its content, positioning, traffic, reputation, goodwill etc. First time ever I sold a website. I don't have any other site on that very topic so I can say that I'm out of that sector. More generally, I am still active on other fields on my job so I'm not closing down.
I invoiced this +VAT as sale of assets, sale of monetised website used for business, including all i.e. also design, brand/logo, etc. Am I right if I think that this qualify as Capital Gain so taxed at 10/20%? And with Business Asset Disposal Relief I'll qualify for paying 10% on this gain? I am also thinking that I can't put any expense/cost against this gain, as I've already included it all in the self-assessments 2012-20, right?
Please let me know what do you think, sometimes HMRC website is difficult to understand. Thanks for your help and best of luck to you all in these difficult times.
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