Tax Treatment of Farming Losses
Farming profits can be volatile and the availability of 100% Annual Investment Allowance on new plant and machinery can easily create taxable losses when expensive equipment needs replacing. The ability…
Inheritance Tax on Farmhouses
As covered in our featured article, a new Inheritance Tax nil rate band has been introduced from April 2017 specifically relating to the main residence of the deceased. Starting at…
Probate Registry Fee Increase Scrapped
Last month we highlighted a proposed change to Probate Registry Fees from a flat rate of £155 or £215 to a fee structure which is scaled based on the value…
Probate Registry Fees – A Stealth Tax on Farmers
A Grant of Representation (known as Probate) is required when: Property (houses, buildings or land) is owned by the deceased either in their sole name or in joint names as…
NFU Head of Tax Making Tax Digital
Michael Parker, the Head of Tax at NFU gave evidence to the House of Lords committee recently to express concerns relating to HM Revenue and Customs’ (HMRC) ‘Making Tax Digital’…
Capital Gains Tax – Rollover Relief
Rollover relief is always worth considering following the disposal of farmland or indeed other business assets and decisions can be made on an individual basis. The following is a summary…
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…
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