Know How / Tax

Practical advice

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PARTNERSHIPS

Common farm partnership accounts errors and how to avoid them

Many farming partnership accounts contain errors which cause complications, cost and stress when there is a change, such as a death or retirement from the business, or a dispute. As…

PARTNERSHIPS

Putting in place the right company structure for farms

Historically, setting up a limited company that becomes an additional partner in the business has been an option used by some farming businesses. Iain McVicar, managing partner at accountant Albert…

BUSINESS CLINIC

Business Clinic: Advice on fluctuating partnership capital

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here, Kate Bell of accountant Albert Goodman sets out considerations on partnership capital…

TAX

IHT planning must include an all round review of assets

A full inheritance tax (IHT) review should not only look at the farming and business assets, but draw up a list of all items that might come into charge for…

TAX

IHT planning: Beware of surprise tax liabilities

A hasty move or an unexpected event can bring surprise tax liabilities and other complications when planning for the cut in inheritance tax (IHT) reliefs due to take effect from…

TAX

Farm tax: Opportunities, deadlines and updates

There is currently a mix of opportunities, deadlines and changes relating to tax for farm businesses.  We find out what to be aware of when dealing with your tax responsibilities…

TAX

How a company structure could help IHT planning

Moving from a sole trader or partnership status to trading as a company needs careful thought across a range of aspects. A corporate structure means more regulatory and reporting requirements,…

BUSINESS CLINIC

Business Clinic: Are farm and land sale fees a business cost?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here, Joe Spencer, a partner at accountant MHA, advises on how farm or…

BUSINESS CLINIC

Business Clinic: Can I sell for a song to avoid inheritance tax?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here, Euan Fernie, a partner at accountant MHA, advises on the HMRC anti…

DIVERSIFICATION

Farm-based holiday providers face a tough 2025

Farm-based holiday providers are dealing with a significant shift in market dynamics because of a combination of tax and regulatory reforms, and a change in the shape of demand. Short…

TAX

Farm tax tips for 31 March accounting year-end and beyond

With 31 March soon approaching, we speak to tax experts on understanding your tax liabilities when running a farm business and changes coming to the current tax regime. See also:…

BUSINESS MANAGEMENT

How life insurance can protect against IHT liability

Many farmers are investigating life insurance in the light of the cut in inheritance tax (IHT) relief which is due to take effect from April 2026. Advisers stress that every…

Insights

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TAX

IHT net set to catch farm pension funds – what to consider

As well as cutting valuable agricultural reliefs from inheritance tax, the Budget held an extra shock by bringing personal pensions into the IHT net. Many farmers have contributed to personal…

MARKETS AND TRENDS

Outlook 2025: Lower inflation offers hope for UK economy

The world is changing. It is not as safe a place to be as last year or over the past decade. International markets are nervous. Protectionism is on the rise.…

FARM POLICY

Analysis: Why the Treasury has it so wrong on impact of IHT

Fresh analysis from the NFU has set out exactly why the union believes Treasury claims that only about a quarter of farm businesses will ever be caught by its inheritance…

BUSINESS

How CLA figures dismiss government position on family farm IHT

Lobbying against the proposed cut to agricultural property relief (APR) and business property relief (BPR) is intensifying. Analysis by the Country Land Association (CLA) demonstrates the severe challenge that the…

BUSINESS MANAGEMENT

Advice on moving into contract farming agreements

Contract farming agreements (CFAs) offer a way to maintain the income and capital tax advantages of being a working farmer, while reducing the demands of day-to-day management and working capital…

BUSINESS

Budget measures open some tax doors but close others

Confirmation in the 6 March Budget that agricultural property relief from inheritance tax will be available on land in all Environmental Land Management (ELM) schemes has been generally welcomed, but…

TAX

APR restriction to minimum eight-year tenancy prompts clash

A Budget consultation on inheritance tax (IHT) calling for views on restricting agricultural property relief (APR) to tenancies of at least eight years has produced a wide range of views.…

BUSINESS

IHT: Farmers call for natural capital payment changes

Farm and rural leaders have set out their thoughts on how to tackle the inheritance tax risks which are acting as an obstacle to farmers entering more land into environmental…

BUSINESS MANAGEMENT

Company accounts reform: What it means for farm businesses

Farm businesses trading as a limited company are likely to be affected by reforms to the way they prepare and file their accounts. The government is pushing forward with plans…

BUSINESS

AD plant operators challenge business rates hike

A huge hike in business rates for anaerobic digester plants in England and Wales is being challenged by a growing number of operators and farmers. In the past 10 years…

POULTRY

The cash poultry farmers could be missing out on

Many poultry farmers are eligible for tax relief, often to the tune of tens of thousands of pounds, simply for developing innovative ways of working. Those don’t have to be…

ARABLE

How growers can claim cash for the way they farm

Planting crops to suit soil type, improving soil structure and reducing fertiliser use – just three ways growers could be finanically rewarded for the way they farm. Anything that improves…