Practical advice

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BUSINESS

Tax and money management tips for diversified farm businesses

Many new diversification ventures have been set up in the past 18 months, often relating to threats or opportunities brought about by the pandemic. Farmers Weekly asked advisers for their…

TENANCIES AND RENTS

Advice on tax and timing when surrendering an AHA tenancy

Changes in farm support and the march of development point to a likely rise in tenants leaving land subject to Agricultural Holdings Act (1986) (AHA) tenancies. Whatever the reason for…

BUSINESS

Diversified farm businesses alerted over VAT changes

Farm businesses providing accommodation and catering need to take account of forthcoming changes to VAT rates. Changes apply from 1 October on the reduced VAT rate brought in to help…

BUSINESS CLINIC

Business Clinic: Will I pay a penalty on SEISS grant?

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Simon Tapp of Moore Scarrott advises on the need to double check…

SUCCESSION PLANNING

Lump sum decisions - wait until tax treatment is clear

Farmers are warned not to make any succession or retirement plans relating to Defra’s lump sum exit scheme until the full tax implications are known later this year. Gary Markham…

BUSINESS CLINIC

Business Clinic: Can I claim tax on my new dairy unit?

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Simon Tapp of Moore Scarrott advises on how care is needed to…

TAX

Digital tax records: Next step for VAT-registered businesses

VAT-registered farm businesses should switch to electronic record-keeping without delay or risk being caught by HMRC’s Making Tax Digital (MTD) legislation, say accountants. The move is the latest step towards…

BUSINESS CLINIC

Business Clinic: Will lowering sale price for buyer affect CGT?

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Chris Thorpe of Moore Scarrott advises on how the sale price of…

BUSINESS

Budget 2021: What's in the detail for farm businesses

Broadly speaking, company tax and finance received more attention than that for sole traders and partnerships in the chancellor’s Budget last week. The so-called “super-deduction”, a new 130% first-year capital…

TAX

How a limited company structure can help farming businesses

Most farm business owners should investigate whether trading as a company would be beneficial to them, says Iain McVicar, head of the farms and estates team at accountant Albert Goodman.…

BUSINESS CLINIC

Business Clinic: How assets get different tax treatment

Whether you have a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Chris Thorpe of Moore Scarrott advises on the different tax treatment of…

BUSINESS MANAGEMENT

Advice on choosing a farm accounts package

Farm businesses should see HMRC’s Making Tax Digital rules as an opportunity to simplify record-keeping and improve financial performance, according to accountant Andrew Robinson. Since April 2019, farm businesses with…

Insights

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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…

BUSINESS

Could you be sitting on thousands in land tax relief?

Farmers could be missing out on as much as £50,000 of tax relief on land they bought in a derelict or contaminated state and returned to productivity. Land Remediation Relief,…

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…