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
They say an Englishman’s home is his castle, but in the case of a farmer, his home is usually more of a business centre. The Farmhouse is an essential part of any farm operation, serving as an office, a store, a boardroom, a make-shift veterinary clinic as well as a works canteen and restroom. As … Continue reading The Farmhouse – Not Just Where The Farmer Lives!
Some farmers in high-risk flood areas may be able to insure their farmhouses under the new Flood Re scheme. The scheme has been set up jointly by the Government and the insurance sector to help those whose homes are at greater risk of flood damage. Homeowners will be able to insure their properties as normal … Continue reading Good News For Farmhouses In Flood-Risk Areas
Probably a question that you wouldn’t normally associate with farmhouses, or indeed, farming, but it is relevant for Inheritance Tax (IHT). Most farmers are not concerned about IHT, believing that their farm will qualify for 100% Agricultural Property Relief (APR) and in many cases the farm is the most valuable asset in their estate. Unfortunately … Continue reading “Does Your Farmhouse Pass The Elephant Test?”