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Category: HMRC

HMRC, Vat

HMRC Lose VAT Battle as Farmers Dodge a Bullet

A Scottish farm business has won its battle against HMRC, enabling it to reclaim VAT payments worth more than £1m. The UK Supreme Court ruled in favour of Frank A Smart & Son Ltd after HMRC initially refused to let the company reclaim VAT incurred on the purchase of over 34,000 units of Single Farm … Continue reading HMRC Lose VAT Battle as Farmers Dodge a Bullet

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September 25, 2019September 11, 2019Single Farm Payment EntitlementLeave a comment
Advice, HMRC, Vat

Agricultural Flat Rate Scheme – Do You Qualify?

Farmers may be eligible to apply for the Agricultural Flat Rate Scheme, as an alternative to voluntarily registering for VAT. Joining the scheme means that you can add a 4% Flat Rate Addition (FRA) to Vat-registered customers when supplying any of the qualifying goods or services, even if they would normally be zero-rated under normal … Continue reading Agricultural Flat Rate Scheme – Do You Qualify?

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January 23, 2019February 18, 2019Agricultural Flat-Rate Scheme, VATLeave a comment
Advice, HMRC, Vat

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

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July 5, 2017July 4, 2017Farms, HMRC, VAT, WeddingLeave a comment
Advice, Business Support, HMRC, Tax

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

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June 21, 2017June 13, 2017Annual Investment Allowance, Capital Allowances, Caravan, plant and machinery, tax allowances, Tax reliefLeave a comment
HMRC, PAYE, Wages

HMRC Agricultural Compliance Checks

In the rural sector, employers are being urged to check that they are paying the correct minimum wages rates where both the Agricultural Minimum Wage and the National Living Wage apply.  HMRC has launched a programme of compliance checks to ensure the correct rates are being paid and can ask to see any associated records.   … Continue reading HMRC Agricultural Compliance Checks

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April 19, 2017agricultural minimum wage, agricultural workers, Farmers, national minimum wageLeave a comment
Business Support, HMRC, Property, Tax

Are you a farmer or a landlord?

There has always been uncertainty over whether a landowner is a farmer or a landlord for tax purposes. There has however, been a recent useful decision by the First Tier Tribunal in the case of John Carlisle Allen which has helped to clarify the capital gains tax position (and the valuable entrepreneurs relief/rollover relief ) … Continue reading Are you a farmer or a landlord?

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April 5, 2017April 3, 2017Capital Gains Tax, Entrepreneurs Relief, Farmer, Farming, Landlord, Landowner, rollover reliefLeave a comment
Advice, Business Support, HMRC, News, Tax

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

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March 8, 2017B and R Scambler v HMRC, Dairy Farming, Farmer, Farming, Farming Losses, HMRC, Sideways Loss Relief, The Five Year RuleLeave a comment
Advice, Business Support, HMRC, Property, Tax

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

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January 18, 2017January 17, 2017Agriculture, Capital versus revenue, Farm Repairs, Farmhouse, Farming, Renovations, Rental property, Repairs, Tax, Tax reliefLeave a comment
HMRC, Tax

The Farmer and The Five-Year Rules

There are two five-year rules that every farmer should be aware of, both of which affect the tax they pay. One has been in place for quite some time and the other was introduced in April 2016. Here is a quick re-cap of both. The ‘five year loss’ rule seeks to ensure that farmers claim … Continue reading The Farmer and The Five-Year Rules

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November 30, 2016December 15, 2016Farmers, Farmers' Averaging, Farming, five-year rules, Self-employment, Tax, The ‘five year loss’ rule, The Farmer and The Five-Year RulesLeave a comment
Advice, HMRC, Property, Tax

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

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September 28, 2016December 15, 2016Agricultural Property, Agricultural Property Relief, Agriculture, APR, BPR, business assets, Business Property Relief, Farm, Farm Building, Farmers, Farming, IHT, inheritance, Inheritance Tax Relief, land and buildings, Property, Tax, Tax relief, will, Your Redundant Farm Building could be Restricting your Inheritance Tax ReliefLeave a comment

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