Feel the Benefits of Five-Year Averaging

Five-year averaging has the potential to offer farmers big tax savings, by reducing tax rates and allowing retrospective claiming of beneficial tax reliefs. From 2016-17, HMRC agreed farmers could, under certain circumstances, chose to average their profits over two or five-year periods for income tax purposes. Five year averaging has proved more beneficial than initially … Continue reading Feel the Benefits of Five-Year Averaging

Is a Grain Silo Plant?

The age old conundrum of whether an item is classed as “plant” for capital allowances, or whether the expenditure was on a building or structure can be difficult to resolve but with different allowances for each category, it is important to be sure expenditure is classed correctly. It all boils down to the “with which” … Continue reading Is a Grain Silo Plant?

New Vacant Land Tax Proposed by Welsh Government

The Welsh Government’s Finance Secretary, Mark Drakeford, has recently proposed a punitive tax on vacant land which is not used for building. There are few details currently available, but it appears that this tax is intended to target vacant development land held by developers or those who speculatively accumulate plots. However there is a risk … Continue reading New Vacant Land Tax Proposed by Welsh Government