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Tag: Capital Assets

Advice, Business Support, Tax

Accounting For Insurance Payouts

No matter what type of business you run, you will have assets. Farm businesses may have stock, land, crops, machinery, a farmhouse. It is prudent to insure these assets to be confident that you that you are fully covered in the event of an unfortunate incident. Given the amount of assets anyone may insure and … Continue reading Accounting For Insurance Payouts

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July 28, 2014July 25, 2014assets, business insurance, Capital Assets, Capital Gains Tax, insurance, loss, profitLeave a comment
Advice, Business Support, HMRC

Herd Basis Elections

Usually, when dealing with farm animals, they are treated as trading stock for accounting purposes. However, some farm animals are more like capital assets of the farmer's business than current assets to be bought and sold. One example of this is animals which are kept for the sake of their products, for instance cows or … Continue reading Herd Basis Elections

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December 16, 2013December 13, 2013business assets, Capital Assets, cows, farm animals, farm produce, farming business, goats, herd, herd basis, Tax, tax-free profit, trading stockLeave a comment
Advice

Entrepreneurs relief for farmers

Where Entrepreneurs Relief is available any profit on the sale of capital assets (like land) is taxed at 10% as opposed to 28% and so this is an extremely valuable relief. The question of whether or not Entrepreneurs Relief is available is very complex as was demonstrated in recent case of 'W S G Russell … Continue reading Entrepreneurs relief for farmers

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September 2, 2013August 30, 2013Capital Assets, Entrepreneurs Relief, Farm, Farmers, Farms, HMRC, Relief, TaxLeave a comment

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