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

Business Clinic: Is CGT due on sale of farm building?

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

BUSINESS

Business Clinic: Farm valuation for probate – which to use?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s experts can help. Here, Jack Sharpe of Carter Jonas advises on the importance of getting a formal valuation…

TAX

HMRC targets self-employed workers in tax clampdown

The government is clamping down on farm businesses where workers have switched to self-employed status, accountants and legal experts have warned. In the past, farming businesses often had several workers…

BUSINESS CLINIC

Business Clinic: Tax advice on making more of woodlands

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s experts can help. Here, Paul Topham of accountant Baldwins explains the ins and outs of tax on woodland.…

TAX

Advice on selling farm dwellings before CGT rule change

Capital gains tax (CGT) rules on residential property are being tightened from April 2020, so farmers and landowners may want to try to complete any planned sales before this deadline,…

TAX

Advice on IHT reliefs for farmers with diversifications

Diversified businesses need to regularly review their position to ensure that valuable reliefs from inheritance tax (IHT) are not lost by default, warn advisers. While qualifying farming assets may attract…

BUSINESS CLINIC

Business Clinic: Will renting out affect capital gains tax?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s experts can help. Here, Ian Smale of accountant Baldwins explains a capital gains tax issue Q If someone…

TAX

Inheritance tax: Why correct Land Registry records are vital

Farmers will find it easier to protect inheritance tax reliefs if they first register all land with the Land Registry to establish who owns what within a partnership. A large…

TAX

How on-farm research and development can cut tax bills

Farming businesses set up as a limited company may be missing out on valuable research and development (R&D) tax credits, according to a firm of accountants. Saffery Champness says corporation…

TAX

How does tax averaging work for farmers?

Farmers have had the option of either using two- or five-year averaging rules to smooth out fluctuating profit levels and, consequently, their annual tax bills since 2016. Previously, farmers could…

PLANNING PERMISSION

What farmers considering land development need to know

Submitting planning applications for new builds or agricultural building conversions can seem a difficult task but should be seen as an opportunity. Landowners can develop their holdings into residential sites…

BUSINESS CLINIC

Business Clinic: Can I get 100% tax relief on grain store?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s experts can help. Here, Mark Chatterton, head of agriculture at accountant Duncan & Toplis, offers advice on a…

Insights

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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…