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
Did you know your canine could be a K9?! Dogs can be a great way to save most farmers and other businesses tax! Generally, farm animals take the form of cattle, sheep or chickens, which would either be recorded in farmers’ accounts as stock or a capital asset. To be classed as a capital asset, … Continue reading Paw-fect Tax Savings!
There is a significant difference, for tax purposes, in vehicles classed as cars by HMRC and those classed as commercial vehicles. Cars with CO2 emissions of 95 or less will attract a 100% write off in the first year, but most will only receive capital allowances of 18% each year on a reducing basis. Worse … Continue reading Do You Want To Get Maximum Tax Relief For Your Vehicles?
Historically, farmers have provided for the population by producing the basic necessities of life such as food and clothing materials. In modern times, energy is the most precious and yet essential of commodities, so it seems only natural that the evolution of farming should include the supply of renewable energy. From hosting wind farms and … Continue reading Renewable Energy – Making Farming Greener