Know How / Tax

Taking advantage of the valuable tax reliefs available to many farming businesses requires careful planning. Read practical advice on ways you can maximise tax reliefs and minimise your liabilities for inheritance, capital gains and income tax, while remaining tax compliant.

Practical advice

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BUSINESS CLINIC

Business Clinic: Can my farm be sold tax-free after inheritance?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s experts can help. Here, Elizabeth Jones, partner with accountant Baldwins, addresses a question on the tax liability following…

BUSINESS

£30bn support package: What it means for farmers

Farm industry leaders have welcomed chancellor Rishi Sunak’s £30bn support package, but have called for more information on how it will work in rural situations. The chancellor’s Summer Economic Update…

PARTNERSHIPS

Why share farming can be the fairest joint venture option

Share farming is a business model which deserves to be given serious consideration by anyone thinking about a joint venture, argues Gary Markham, director at rural tax advisers and accountants…

BUSINESS CLINIC

Business Clinic: Can we claim coronavirus support grant?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s experts can help. Andy Ritchie, head of rural at Baldwins, explains how farmers may be able to claim…

SUCCESSION PLANNING

Careful will writing needed to account for rare double deaths

The death of a couple at the same time, for example in an accident, is thankfully very rare but can lead to complicated arguments over inheritance. From a legal perspective,…

TAX

Coronavirus: Tips to ease VAT cashflow and gain from deferral

Farm contractors or agri-businesses that usually pay VAT bills by direct debit should cancel them immediately if they want to defer their payment, say accountants. There is an option to…

BUSINESS CLINIC

Business Clinic: Will residential investment affect my VAT?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s experts can help. Here, Mary MacLachlan of Duncan & Toplis advises on the VAT implications of buying houses…

BUSINESS CLINIC

Business Clinic: How farm partner mental capacity affects BPR

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s experts can help. Craig Tolliday, associate director with Baldwins, addresses questions concerning the mental capacity of a farming…

TAX

Tips for maintaining farming and inheritance tax reliefs

Farmers and landowners need to check their business structures and do some housekeeping to make sure they remain eligible for valuable tax reliefs. As diversification and/or rental income grows, this…

BUSINESS CLINIC

Business Clinic: Should I hold on to 2019 crops?

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here, Mark Chatterton of Duncan & Toplis advises on a tax question that…

TAX

Q&A guide to claiming tax relief on energy-efficient kit

There are just two months left in which to take advantage of a government scheme encouraging businesses to invest in energy efficient equipment. The Energy Technology List (ETL) covers a…

BUSINESS CLINIC

Business Clinic: Can I recover VAT on farmhouse expenditure?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s experts can help. Here, Liz Jones, a partner with Baldwins, addresses the issue of reclaiming VAT on farmhouse expenditure.…

Insights

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TAX

How farmers can claim R&D tax credits

British farmers are among the most innovative in the world, constantly experimenting with new techniques and tools to improve the performance of their farm business. But many don’t realise that…

TAX

Farmers caught in development tax postcode lottery

Agricultural buildings and developments are being taxed inconsistently across Britain, at a cost of thousands of pounds to the farmers caught up in a postcode lottery. The community infrastructure levy…

BUSINESS

Rollover relief - what is it and how does it work?

Buyers with rollover funds are the driving force behind many farmland purchases. With growing numbers of development deals in the pipeline, more landowners are likely to find themselves in this…