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Stock values

Blue Holland · 2013-09-10 20:58:51

Pudsey mentioned on another thread about low stock values on farms, it's a prob here an just wondering do many have stock in at low values and what would be the consequences if had an audit. Obviously a tax bill but would penalties an interest come into it as well. Anyone any experience of this.

10-09-2013 8:58pm

#1

Blue Holland

Registered Users, Registered Users 2 Posts: 209 ✭✭

Join Date: January 2013

Posts: 207

Pudsey mentioned on another thread about low stock values on farms, it's a prob here an just wondering do many have stock in at low values and what would be the consequences if had an audit. Obviously a tax bill but would penalties an interest come into it as well. Anyone any experience of this.

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#2 10-09-2013 10:01pm

Timmaay

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I'm not sure, but a related question of myown. Say if my stock valuations were quite low last year (for genuine reasons of course, all the cows use to have a low BSC and produce less milk etc). This year I've solved all that, and think myself that the cows are worth more. If I tell my accountant to increase the value of all the cows by 100quid or so. Can I then claim stock relief on that increase? (of which between me and my dad, we will get 75%).

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