Smallholdings For Sale
Regarded as a leading Country and Equestrian estate agent, one of our greatest strengths is the sale of smallholdings.
We successfully sell smallholdings across southern and central England and have a comprehensive database of buyers seeking such a property.
From cottages with just an acre to larger equestrian smallholdings with facilities, our agency team can help you.
Our reputation for having a variety of smallholdings for sale, often makes Fox Grant the first point of call for buyers.
What Is A Smallholding?
According the the Oxford Dictionary, a smallholding is an agricultural holding that is smaller than a farm. It can range from a small parcel of land with outbuildings to an equestrian smallholding, residential smallholding or agricultural smallholding.
Smallholdings tend to be less than 50 acres and are very popular with those seeking “The Good Life” who wish to grow their own vegetables and farm their own animals.
Things to Consider Before Buying A Smallholding
Time – do you have enough time to commit to your smallholding on top of all your other day to day activities
Commitment – Once the novelty of growing your first runner bean or carrot, or delivering your first lamb wears off, will you still enjoy your new life in the country or will you yearn for the less complicated but less rewarding life you had before?
Location – You’ve dream’t of a more rural life and now’s your chance. But have you really thought about what it would be like to live down a remote country lane where you have to drive to even pick up a pint of milk? It may seem idyllic to be so remote and to some people it really is, but just make sure it is what you are really looking for. It is possible to get residential smallholdings that have the best of both worlds. They tend to be on the edge of thriving villages that offer that sense of community but combine it with the rural idyll.
Tax Implications of Running A Smallholding
First things first, speak to an accountant who is used to dealing with clients who own smallholdings. They will understand better the seasonal nature of running a smallholding and therefore your cashflow.
Register as self-employed, unless you wish to register as a business. This will enable you to benefit from any tax breaks available to you as a smallholder. You will then be required to fill in a tax return each year and pay a Class 2 National Insurance contribution.
Record details of every bit of expenditure and income from your smallholding on a spreadsheet and keep this as up to date as possible. All invoices and receipts should be filed.
Register for VAT – there isn’t a requirement to register your business until your turnover reaches £68,000 per anum but some smallholders find it useful because it keeps them disciplined with their accounts. As a VAT registered business you are required to submit your VAT returns on a quarterly basis. This means your books must be kept up to date and you can see on a regular basis how you are performing.
For an accountant that can help you with your Smallholdings Tax Queries, we recommend Fawcetts, based in Salisbury.
To discuss the sale of your smallholding, please contact the Fox Grant team today.