Know How / Tax Must reads 5 new-year farm tax and finance tips Advice on tax implications of restructuring a farm business Stamp duty and farmland: How it works and what to expect Company accounts reform: What it means for farm businesses Practical adviceSee all BUSINESSVAT and diversification - beware the pitfallsDiversification raises many tax issues, among them the differences in how VAT is accounted for compared with traditional farm produce sales. Accountant Julie Butler of Butler & Co says VAT… TAXAdvisers highlight legal issues following election callThe Finance Bill received royal assent on 24 May and included most of the main changes in the Budget. As well as cuts to national insurance rates and an extension… BUSINESS CLINICBusiness Clinic: Should we use a trust to protect assets?Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Carly Drummond, senior tax manager at accountant MHA advise on the many considerations… DIVERSIFICATIONTime to plan for threat to holiday let tax regimeFurnished holiday lets (FHLs) are an integral part of many farm tourism ventures and enjoy favourable tax treatment, provided they meet certain requirements including their availability and actual occupation by… BUSINESS CLINICBusiness Clinic: How do we structure our business/succession?Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Conor Melvin, associate at Thrings, Carly Drummond, senior tax manager at MHA and Joe… BUSINESS CLINICBusiness Clinic: Should we surrender tenancy and create LLP?Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Carly Drummond, senior tax manager at MHA, advises on the tax implications of… BUSINESS CLINICBusiness Clinic: How to carry out stocktaking valuationsWhether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Joe Spencer, partner at accountant MHA, tax manager at MHA, advises on what… TAXYear-end tax tips to efficiently use reliefs and allowancesThe end of the 2023-2024 tax year brings the need for the usual checks to make sure reliefs have been claimed correctly, and tax saving investments made where they are… TAXHMRC 2024 basis reforms - what farmers need to knowApril 2024 will see the introduction of a law which affects how sole traders and partnerships are taxed. From 6 April this year, businesses will be taxed on profits generated… BUSINESS CLINICBusiness Clinic: Can we adjust allowances claim on dairy?Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Stuart Chipperfield, tax manager at MHA, advises on capital allowances for investment in… TAXTax rulings show importance of diversification planningSuccessfully claiming business property relief (BPR) from inheritance tax (IHT) on diversified farm enterprises depends largely on demonstrating that the business is a trading operation, rather than an investment. Most… BUSINESS CLINICBusiness Clinic: CGT issue for tenants renting out housesWhether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Carly Drummond, senior tax manager at MHA, advises on the tax implications of… InsightsSee all BUSINESS MANAGEMENTAdvice on moving into contract farming agreementsContract farming agreements (CFAs) offer a way to maintain the income and capital tax advantages of being a working farmer, while reducing the demands of day-to-day management and working capital… BUSINESSBudget measures open some tax doors but close othersConfirmation in the 6 March Budget that agricultural property relief from inheritance tax will be available on land in all Environmental Land Management (ELM) schemes has been generally welcomed, but… TAXAPR restriction to minimum eight-year tenancy prompts clashA Budget consultation on inheritance tax (IHT) calling for views on restricting agricultural property relief (APR) to tenancies of at least eight years has produced a wide range of views.… BUSINESSIHT: Farmers call for natural capital payment changesFarm and rural leaders have set out their thoughts on how to tackle the inheritance tax risks which are acting as an obstacle to farmers entering more land into environmental… BUSINESS MANAGEMENTCompany accounts reform: What it means for farm businessesFarm businesses trading as a limited company are likely to be affected by reforms to the way they prepare and file their accounts. The government is pushing forward with plans… BUSINESSAD plant operators challenge business rates hikeA huge hike in business rates for anaerobic digester plants in England and Wales is being challenged by a growing number of operators and farmers. In the past 10 years… POULTRYThe cash poultry farmers could be missing out onMany poultry farmers are eligible for tax relief, often to the tune of tens of thousands of pounds, simply for developing innovative ways of working. Those don’t have to be… ARABLEHow growers can claim cash for the way they farmPlanting crops to suit soil type, improving soil structure and reducing fertiliser use – just three ways growers could be finanically rewarded for the way they farm. Anything that improves… BUSINESSCould you be sitting on thousands in land tax relief?Farmers could be missing out on as much as £50,000 of tax relief on land they bought in a derelict or contaminated state and returned to productivity. Land Remediation Relief,… TAXNow is the time for succession planningIf you are considering succession planning or a restructure of your farming business now would be a good time to put those plans in place while the reliefs are available… BUSINESSFarm buildings on estates – don't miss out on tax reliefsFrom January 1st 2021 the Annual Investment Allowance is being reduced from £1m to £200,000 per annum and the reduction in Writing Down Allowances on special rate assets reduced from… TAXHow farmers can claim R&D tax creditsBritish farmers are among the most innovative in the world, constantly experimenting with new techniques and tools to improve the performance of their farm business. But many don’t realise that…
