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Where Taxpayers and Advisers Meet

Estate agent's fees and tax allowances

mikewilsonsmith
Posts:1
Joined:Sat Jul 24, 2021 12:07 pm
Estate agent's fees and tax allowances

Postby mikewilsonsmith » Sat Jul 24, 2021 12:32 pm

I sold my hospitality business and June 2020 and the estate agent's fees exceeded my profit for the year. Can the agent's fee be used as a business expenses for my partnership return and hence self assessment?
As an alternative, as i sold the business property at a loss (based on [sale price - purchase price - expenses buying&selling]) can i claim the agent's fees as part of a Capital Gains Loss - potential problem being that the hospitality business was also my main residence and so normally not subject to CGT?

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Estate agent's fees and tax allowances

Postby pawncob » Sun Jul 25, 2021 10:11 am

Agents fees are capital items allowable against any gain, or to increase a capital loss. Not allowable as a business expense.
Sale proceeds need to be apportioned between PPR and business. Reliefs may be available against either/both of these.
With a pinch of salt take what I say, but don't exceed your RDA


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