Our blog on the latest rural and agricultural issues.
The ‘nuts and bolts’ of machinery purchasing
March 5, 2018
With seemingly ever-increasing farm machinery costs and pressure from the government for farmers to become more efficient food producers, farmers face an even tougher decision now on whether to expand or replace machinery pools.
Planning for the taxman – what should farmers be doing?
February 28, 2018
For a lot of our farming clients who have a 31 March year end, the next month or so is a good time to consider and finalise Income Tax planning for the 2017/18 tax year.
OTS indicate the scope of review for Inheritance Tax
February 23, 2018
Following on from our blog of 5 February on the request from the Chancellor that the Office of Tax Simplification (OTS) carry out a review of aspects of Inheritance Tax (IHT), this recent letter from the OTS gives an indication on the scope of the review.
Overhaul of Inheritance Tax – what might it mean for farmers?
February 5, 2018
Philip Hammond has written to the Office of Tax Simplification (OTS) asking for a review, describing the present Inheritance Tax (IHT) regime as ‘particularly complex’. It is unknown as to whether his plans for IHT reform will be an overhaul, upheaval, simplification, update or just a simple review.
HMRC outsmarted on VAT-able farming activities
January 22, 2018
Can VAT charged on an asset that gives rise to non-VAT-able income be reclaimed by the purchaser? This point was argued recently in the Scottish Court of Session between HMRC and farming company Frank A Smart & Sons Ltd, with HMRC losing its case.
What’s happening to farming subsidies post-Brexit?
August 11, 2017
The secretary of state for environment, food and rural affairs, Michael Gove, has stepped into this mire with his comments on subsidies that are designed to stabilise the rural and agricultural sector; but have they done that?
Making Tax Digital – some dates for your diary
July 24, 2017
The Government appears to have finally listened – they have now revised the timetable for the rolling out of the quarterly reporting elements of Making Tax Digital (MTD).
Farmers see success with new five year averaging rules
July 17, 2017
I have to admit to being a little sceptical at the time of George Osborne’s announcement of the rules. However, I am happy to report that in certain cases there is a benefit in the new five year averaging rules.
Rural grants and subsidies – where to turn after Brexit?
June 7, 2017
With the uncertainty that Brexit brings for farmers with regard to subsidies, it's more important than ever to explore all sources of assistance.