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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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…

TAX

How to make the most of savings and pensions to reduce tax

Farmers preparing for the end of the tax year on 5 April have a number of options at their disposal to limit the amount of tax they have to pay.…

BUSINESS CLINIC

VAT on let land v crops - is there a difference?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s experts can help. Here,Clare Hulme, associate director, Duncan & Toplis, offers advice on the difference between VAT on…

BUSINESS CLINIC

Business Clinic: How would solar lease affect IHT reliefs?

Can grazing sheep under solar panels protect entitlement to inheritance tax reliefs? Clare Hulme of accountant Duncan & Toplis outlines what must be considered in such circumstances. Q. We have…

BUSINESS CLINIC

Business Clinic: When is SDLT due on new business structure?

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here, Peter Griffiths, tax director at Hazlewoods advises on some of the…

FINANCE

How to avoid tax traps on second-hand kit

Financially, 2019-20 may be a good time to buy second-hand machinery before the phase out of the Basic Payment Scheme begins and with a newly introduced hike in capital allowance.…

DIVERSIFICATION

Business Clinic: VAT implications of diversification plans

There’s a lot to get right when you’re starting a diversification. Lisa Oliver, associate director with accountant Hazlewoods, runs through some essential business structure considerations and outlines common VAT issues…

BUSINESS CLINIC

Business Clinic: Advice on capital taxes when diversifying

There is great scope for diversification on many farms. Nicholas Smith of accountant Duncan & Toplis outlines the importance of taking a long-term look at the tax implications of plans…

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…