A new Land Transaction Tax (LTT) will come into effect in Wales from 1st April 2018, replacing Stamp Duty Land Tax (SDLT). The move comes as part of a wider pattern of fiscal devolution which will see Wales bearing responsibility for raising part of its own tax revenue for the first time in nearly 800 … Continue reading New Welsh Land Transaction Tax
HM Revenue & Customs (HMRC) have moved to reassure some farmers that paper returns will still be accepted when Making VAT Digital comes into force in 2019. Under the new system, which commences 1 April 2019, businesses operating above the VAT threshold of £85,000 are required to keep digital records and submit VAT returns online. … Continue reading Making Tax Digital: Paper VAT Returns Will Still Be Accepted
Farmers are being reminded that they must be aware of the new data protection laws coming into effect in May. The General Data Protection Regulation (GDPR) comes into force on 25th May 2018. The new laws are designed to ensure that businesses store any personal data safely and securely. This is any information which identifies … Continue reading The New GDPR and Farmers
Farms businesses are left with just over 14 months to get themselves ready for new VAT rules, requiring them to keep digital records. Last year the Government decided to delay plans for introducing Making Tax Digital (MTD) for income tax until at least April 2020, to give businesses time to prepare and adapt for the … Continue reading Making VAT Digital Is Coming
Following an unsuccessful appeal by HMRC, farmers should be able to continue to reclaim VAT against purchases of Basic Payment Scheme (BPS) entitlements. HMRC argued against farmer, Frank Smart, that the VAT incurred on the purchase of his BPS entitlements had a direct and immediate link to the subsidies which the taxpayer earned as a … Continue reading HMRC Lose VAT on BPS Appeal
The Welsh Government are running a series of events under their Farming Connect scheme to inform local farmers of the services and support available to them. The Farming For The Future Roadshow is set to focus on: How to future-proof your business ahead of Brexit Information on the fully or part funded business and technical … Continue reading Farming for the Future Roadshow
The Welsh government have introduced a new grant to help farmers improve the economic and environmental performance of their agricultural holdings. The Farming Business Grant (FBG) will provide successful applicants with a 40% contribution towards capital investments in equipment and machinery that will offer clear and quantifiable benefits to farm enterprises. A total of £40m … Continue reading Farming Business Grant
Estate planning is the process of deciding what should happen to your assets after your death or if you become incapacitated, and taking the steps necessary to ensure your decisions will be carried out. There are 6 key steps: Identify all the assets and liabilities. It is surprisingly easy to overlook items like BPS entitlements, … Continue reading 6 Steps to Estate Planning
The Nil Rate Band (NRB), also known as the Inheritance Tax (IHT) threshold, is the amount up to which an Estate has no IHT to pay. The current allowance available on the Estate of an individual is £325,000; anything above this is taxed at 40%. The NRB applies to property passing on death together with … Continue reading What is the Nil Rate Band?
The introduction of the Residence Nil Rate Band (RNRB) may have a substantial impact on Inheritance Tax (IHT) Planning and how farmers pass on their assets, possibly tax-free. The new allowance was introduced back in April 2017 at an initial threshold of £100,000, which will rise to £175,000 by April 2020. This threshold is per … Continue reading How Does the Residence Nil Rate Band Affect Farmers?