If you are planning on restructuring your family business, it’s likely you’ve considered the tax and VAT positions. It’s important however not to neglect Land Transaction Tax (LTT), or Stamp Duty Land Tax (SDLT) if in England. Often overlooked, LTT can arise when an interest in land is transferred. If you are a sole trader … Continue reading Land Transaction Tax on Business Restructure
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
Forward-thinking farmers are now using drones to help with the maintenance of their farms, but it is important that they understand the responsibilities and legal requirements that come with their use. Drones are an efficient use of technology to remotely monitor what is happening on a farm. They can be utilised to review and assess … Continue reading Farmers Using Drones
A new App developed by SellMyLivestock was released on Valentine’s Day this year to help farmers look for bulls to serve their herd or breeding cows. The App, appropriately named Tudder, takes a leaf from the book of Tinder where farmers swipe left or right in their quest to find matches. Co-Founder Jamie McInnes says … Continue reading Bovine Tinder to Help Farmers with Breeding Stock
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 regulations to come into force for Welsh farmers in 2020 are being described as ‘disastrous’ for the sector, especially with the uncertainty of Brexit looming on the horizon. Announced in November last year, the regulations coming into force from January next year include measures such as nutrient management planning, sustainable fertiliser applications, protection of … Continue reading Anger at Welsh Government 2020 Plans
Welsh hill farmers have until 31st March 2019 to register their interest in the Hill Ram Scheme. The scheme, run by Hybu Cig Cymru, is aimed at encouraging more farmers to use performance-recorded rams to help produce lambs which meet market specifications for both home and abroad. Farmers who chose to participate in the scheme … Continue reading Express Your Interest in Hill Ram Scheme
Farmers across the UK are being urged to make sure they take full advantage of the new Annual Investment Allowance (AIA) of £1million which came into force on 1 January 2019 and will remain at that level for 2 years. AIA gives 100% tax relief on the cost of new plant and machinery in the … Continue reading Plan Ahead for New Machinery Purchases
A new report analysing information from the recent Farm Business Survey outlines the key factors which separate high and low performers in the farming industry. The report, prepared by some of the industry’s major organisations, including Hibu Cyg Cymru, suggests that the top performing 25% of farming businesses in the UK could make a profit, … Continue reading How to Make Your Farm a Top Performer
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?