Making Tax Digital – The End of The Tax Return?
Many of our farming clients prefer to maintain manual cash books to record their business transactions and VAT. Indeed many of our non-farming clients also opt for a simple cash…
GUEST BLOG – A BANKS VIEW ON RENEWABLE ENERGY
In recent years we have worked with several of our clients on new renewable projects including solar, wind, biomass and combined heat and power (CHP). Paul Forth, Business Development Manager,…
TAXATION OF RENEWABLE HEAT INCENTIVE (RHI)
HM Revenue and Customs (HMRC) have recently provided some guidance on the taxation of RHI income. There are two separate schemes – Domestic RHI and Non-Domestic RHI. Both schemes have…
FARMERS AVERAGING CLAIMS – AN UPDATE FEBRUARY 2016
In our August 2015 Newsletter we provided details of HM Revenue and Customs’ (HMRC) proposal to extend the farmers averaging period from two to five years. HMRC published a consultation…
FARMERS AVERAGING CLAIMS – NEW PROPOSALS – AUGUST 2015
HMRC has published a 26 page consultation document detailing the extension of the averaging period to 5 years. The document put forward 2 options for how the proposed change could…
INHERITANCE TAX RELIEF ON FARMHOUSES
In very broad terms Inheritance Tax (IHT) is charged on your estate at a rate of 40% over and above the nil rate threshold (currently £325,000). There may be an…
YOUNG FARMER PAYMENT – DO YOU QUALIFY?
The Young Farmer Payment (YFP) was introduced in 2015 as a top-up payment to the Basic Payment Scheme. The scheme was available for a maximum of five years from 2015…