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
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
Certain plant and machinery can qualify for what’s known as Annual Investment Allowance (AIA), which allows businesses to claim for the cost of the new asset (up the specified threshold) in the year of purchase. The current Annual Investment Allowance is £200,000 (in the year to 31 December 2015 the limit was £500,000) and it’s … Continue reading Tax Allowances on the Farm
The Annual Investment Allowance (AIA) dictates up to what amount you can deduct the full cost of qualifying plant and machinery from your taxable profits. Any expenditure incurred outside the AIA is relieved through writing down allowances. As covered in our blog posted 27th July, from 1 January 2016 the AIA is reducing from £500,000 to £200,000, which will come as a … Continue reading Changes To Plant & Machinery Annual Investment Allowance
As far as HM Revenue & Customs are concerned agricultural sheds and buildings are structures that do not qualify for any tax relief and this also applies to Poultry Sheds. However, there are circumstances under which you can get tax relief. This must be considered at an early stage in any Poultry Shed development. It … Continue reading Poultry Sheds & Tax Relief
There’s never been a more important time for farmers to review their farm security as well as their insurance cover. NFU Mutual have recently announced that rural crime in the UK rose by over 5% in 2013, costing the country as a whole around £44.5 million. The most worrying trend is the rise in sheep … Continue reading The Increasing Importance of Farm Security
Nick Park, senior partner at Green & Co, was recently interviewed for the Summer 2014 edition of News From The Field. Read on to find out more... What is your top tax tip for 2014/2015 and maybe beyond? For growing farm businesses, the highest value tax tip is the 100% tax relief on up to £500,000 of expenditure on … Continue reading News From The Field – An Interview With Nick Park
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?