Advice needed - missus wants a shop

[EternalOptimist]

Business rates are payable on all commercial property (the business equivalent of council tax). There may be reductions or bonuses in the area, so check with the council. For example, in Jockland, if your rateable value is under £8K, you get 100% relief.

If you're buying the leasehold, all you are doing is paying for the title to the remainder of the lease, so there will still be rent to pay too.

So what is a lease ?

is that an annual thing ?

if so, why does it have a figure attached

[TestMangler]

So what is a lease ?

is that an annual thing ?

if so, why does it have a figure attached

Slightly complicated without full details, but, for example, and a bit of a guess about your situation, the current tenant will have a lease which will have a fixed length. If you are buying the leasehold, you are basically buying the right to rent the premises until the end of the lease.

If looking at commercial property, note the difference between 'for let' and 'for lease'. I rent the current premises directly from the owners (the pension fund of a large building firm). I agreed a let term with them and pay them monthly rent. Some shop owners will only 'lease' long term, eg 25 years, so. I would reckon your current tenant has a lease with some time to run, and the £7.5K is to buy the remainder of the lease.

[EternalOptimist]

Slightly complicated without full details, but, for example, and a bit of a guess about your situation, the current tenant will have a lease which will have a fixed length. If you are buying the leasehold, you are basically buying the right to rent the premises until the end of the lease.

If looking at commercial property, note the difference between 'for let' and 'for lease'. I rent the current premises directly from the owners (the pension fund of a large building firm). I agreed a let term with them and pay them monthly rent. Some shop owners will only 'lease' long term, eg 25 years, so. I would reckon your current tenant has a lease with some time to run, and the £7.5K is to buy the remainder of the lease.

merci

[MarillionFan]

We need someone who ran a shop, and then sucked at it so badly they had to pack it in and go and work in the states. Mmmmmmmm, where to find such a CUKer.

don't say his name. else I wil gobbest thou

If I was asked directly I would be willing to divulge all of my secrets, how to best setup your tax affairs and maybe even upload an Excel Shop Model which has all of the inputs....

But only if asked nicely...

[TestMangler]

If I was asked directly I would be willing to divulge all of my secrets, how to best setup your tax affairs and maybe even upload an Excel Shop Model which has all of the inputs....

But only if asked nicely...

Didn't your shop go tits up ?

[MarillionFan]

Didn't your shop go tits up ?

Shop(s)?

No. I decided to stop doing it after ten years to take the job I presently have. I'm just in the process of looking at new premises again to setup the wife as I'm now getting more time back.

[suityou01]

Shop(s)?

No. I decided to stop doing it after ten years to take the job I presently have. I'm just in the process of looking at new premises again to setup the wife as I'm now getting more time back.

Nothing spells success like giving up.

[MarillionFan]

Nothing spells success like giving up.

60 Hours + 40 hours just doesn't add up. Having a shop is a 24 hour x 365 enterprise and should not be underestimated on how much time is involved. But for a husband and wife, where one of them is a contractor with a Ltd company then you can set up in such a way that you'll make more money even if the business makes a loss

[suityou01]

60 Hours + 40 hours just doesn't add up. Having a shop is a 24 hour x 365 enterprise and should not be underestimated on how much time is involved. But for a husband and wife, where one of them is a contractor with a Ltd company then you can set up in such a way that you'll make more money even if the business makes a loss

Take a chill pill dude. You bite too easy.

Pwnd

[EternalOptimist]

If I was asked directly I would be willing to divulge all of my secrets, how to best setup your tax affairs and maybe even upload an Excel Shop Model which has all of the inputs....

But only if asked nicely...

why thank you kind sir. I am currently reading a book '10 ways to run a successful pie shop - Sweeny Todd'

when I have finished that, I'll be right back