Tax Allowances for Caravans Used in the Business

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

Tax Allowances on the Farm

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

Budget 2014: Important Changes

There are a number of items in the recent Budget that are important for farming businesses and landowners. However, we have identified these 2 points as particularly significant in some cases: There will be an increase in the maximum amount of Annual Investment Allowance to £500,000 from April 2014 to 31 December 2015, after which … Continue reading Budget 2014: Important Changes

Giving at Christmas – Inheritance Tax Allowances & Exemptions

Christmas is a time for giving...and most people are very happy if you give them money! However, it is worth remembering your allowances and exemptions for Inheritance Tax. If your estate is worth more than the Inheritance Tax threshold - £325,000 for the 2013-14 tax year - there are some important Inheritance Tax exemptions that … Continue reading Giving at Christmas – Inheritance Tax Allowances & Exemptions