HMRC Not So Merry With Wedding Venues

Farmers hiring out land and buildings for wedding ceremonies may have to pay back thousands in back tax following a failed VAT appeal earlier this year. Blue Chip Hotels failed in their appeal to overturn more than £50,000 in VAT. The company argued that, as it didn’t offer room hire for civil wedding ceremonies as … Continue reading HMRC Not So Merry With Wedding Venues

Last Chance for Welsh Dairy Farmers

Dairy farmers in Wales have until this Friday to apply for an aid scheme worth £1,800. The EU Conditional Aid Scheme is only open to dairy farmers in Wales and, specifically, those that were in milk production with a supply contract on 1 January 2016. To qualify before the deadline at midnight on Friday 30 June, producers need to … Continue reading Last Chance for Welsh Dairy Farmers

Tax Allowances for Caravans Used in the Business

You can claim tax relief, known as capital allowances, for plant and machinery that you keep to use in your business. Assuming all criteria are met, the cost of items such as tools, equipment, desks and computers can be offset against profits in the year in which they are incurred. This is subject to the annual … Continue reading Tax Allowances for Caravans Used in the Business

Choosing the best structure for your farming business

How do you know whether to choose a sole trade, partnership or limited company structure for your business? The changes in farming over recent years have made this question much more complicated. Many factors need to be taken in to consideration when making this decision. Traditionally farms have been small family owned businesses which would … Continue reading Choosing the best structure for your farming business

HMRC, The Dairy Farmer & The Disallowed Loss

The recent case of B and R Scambler v HMRC (TC4842) reinforces HMRC’s refusal to accept farming loss claims where they deem that the farm is not being run on a commercial basis. And there are many cases of this nature going to Tribunal. Assuming all criteria is satisfied, self-employment losses can be offset against … Continue reading HMRC, The Dairy Farmer & The Disallowed Loss

Fire Service Appeal To Farmers Planning Controlled Fires

South Wales Fire and Rescue Service have advised farmers who are planning to ‘burn off’ their land, that they now have a dedicated Wildfire Station to assist them. While the vast majority of these burnings are done under safe conditions, on limited occasions fires can become too large to manage or out of control with … Continue reading Fire Service Appeal To Farmers Planning Controlled Fires

Tax Relief for Farmhouse Renovations

It is very likely that at some point your farmhouse and other buildings used in the farming business will require refurbishment, and it is important to be aware that whereas some repair expenditure can be relieved in the year it’s incurred (subject to a disallowed proportion for private use of buildings), alterations and improvements cannot. … Continue reading Tax Relief for Farmhouse Renovations

Avian Flu Prevention Zone Consumes All of Wales

After the recent confirmed case of Avian Influenza in Pontyberem, Carmarthenshire, NFU Cymru is reminding everyone keeping poultry, no matter the size of their flock, to remain vigilant. There is a prevention zone across all of Wales which requires all keepers of poultry and other captive birds to keep them indoors, or at least to … Continue reading Avian Flu Prevention Zone Consumes All of Wales

Your Redundant Farm Building could be Restricting your Inheritance Tax Relief

Agricultural Property Relief (APR), if obtained, allows an individual to pass on agricultural property, either in their Will or during their lifetime, free of Inheritance Tax (IHT). Business Property Relief (BPR) reduces the IHT payable on a wider class of qualifying business assets when they are left in a Will or passed on during lifetime. … Continue reading Your Redundant Farm Building could be Restricting your Inheritance Tax Relief

Tax Allowances on the Farm

Certain plant and machinery can qualify for what’s known as Annual Investment Allowance (AIA), which allows businesses to claim for the cost of the new asset (up the specified threshold) in the year of purchase. The current Annual Investment Allowance is £200,000 (in the year to 31 December 2015 the limit was £500,000) and it’s … Continue reading Tax Allowances on the Farm