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: 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…

BUSINESS CLINIC

Business Clinic: How to charge VAT correctly on cropping

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here, Mary Maclachlan, VAT specialist with Duncan & Toplis, explains the different…

TAX

Structures and buildings allowance – a guide for farmers

The announcement of a new structures and buildings allowance (SBA) in the Autumn Budget 2018 means erecting and refurbishing farm buildings is now more financially viable. Accountant Old Mill says…

TAX

Business rates on diversifications: What farmers need to know

Farmers with incomes from diversification projects could face significant bills from their local authority if they overlook the potential pitfalls associated with business rates, an agricultural consultant warns.

 Business rates…

TAX

Caution urged when seeking to reduce tax payments on account

Dairy farmers are being advised to take a cautious approach if they are looking to reduce their January tax bill because of lower profit expectations for the 2018-19 milk year.…

BUSINESS CLINIC

Business Clinic: Is stamp duty payable on land transfer?

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here, Peter Griffiths, tax director, Hazlewoods advises on farm asset management. Q My…

TAX

How tax relief can reduce the cost of buying a farm

Farm buyers often do not realise that they could claim tax relief on parts of their purchase. In many instances, relief is available on the value of plant, machinery and…

BUSINESS CLINIC

Business Clinic: Using arable profits to prepare for Brexit

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 tax…

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…