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
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
Agricultural Property Relief (APR), if obtained, allows an individual to pass on agricultural property, either in their Will or during their lifetime, free of Inheritance Tax (IHT). Business Property Relief (BPR) reduces the IHT payable on a wider class of qualifying business assets when they are left in a Will or passed on during lifetime. … Continue reading Your Redundant Farm Building could be Restricting your Inheritance Tax Relief
The Government will legislate in the 2015 Finance Bill to ensure that business contributions to Flood and Coastal Erosion Risk Management (FCERM) projects are tax-deductible from 1 January 2015. The Government’s aim is to encourage private sector investment in flood resilient projects via “partnership funding schemes”. The deduction will be available to both incorporated and … Continue reading Tax Relief For Expenditure On Flood Defences
At present an individual can pay up to £40,000 a year into a pension fund and obtain tax relief until 75, subject to having sufficient relevant earnings against which to set the contributions. After 5 April, this will reduce to £10,000 a year in respect of money purchase pension contributions, once the individual has dipped … Continue reading Over 55? – Review Your Pension Provision Before 5 April To Maximise Future Relief
In the Autumn Statement George Osborne announced that from 1 January 2015 businesses will be able to get tax relief on contributions to flood defense schemes. The detailed proposals have now been released and this relief will be important for landowners who are vulnerable to flooding and coastal erosion. Please note: This article is a … Continue reading Flood Defence Tax Relief
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
If you are buying a new piece of equipment for your farm, it is important to consider whether your existing building is large enough to house it, and if not, whether a new building is required or if the building can be extended. Before undertaking a building project you should consider what tax reliefs are … Continue reading Looking To Construct Or Extend Your Farm Building?
Summer will soon be coming to a close, and here is our next newsletter to usher in Autumn: Green & Co Autumn 2014 NewsletterThis newsletter focuses on:Tax advantages for innovative companiesDealing with workplace disputesTax planning following changes to the treatment of trustsPensions - is now the time to make contributions?Tougher lending rules for mortgage borrowersTax relief on … Continue reading Autumn 2014 Newsletter
Trading Loss relief is now limited to the higher of £50,000 or 25% of the losses made. This restriction was designed to stop clever tax avoidance schemes but can be very significant for rural businesses. This year, a client made a capital gain of £100,000 on the sale of a barn. In the same year … Continue reading Try Not To Lose Out On Losses!