Tax Changes – A Timely Reminder

As we are now part way through the 2022/23 tax year, I thought it would be a good time to remind you of some Government announced tax changes that have either recently taken effect, or will be coming in shortly, as follows: National Insurance – from 6 April 2022 the rate of NI increased by … Continued

The Super Deduction

The Capital Allowance “Super Deduction” was introduced for Limited Companies from 1 April 2021 and is available until 31 March 2023.  It allows companies investing in qualifying Plant & Machinery to be able to claim either (up to) a 130% super-deduction capital allowance or a 50% first-year allowance for special rate assets. It is not, … Continued

Land Promotion – What are the key VAT considerations?

We work closely with CVC who are experts on VAT to ensure our clients are provided with the most up-to-date information and this month, CVC Partner Laura Krickova, has written a dedicated blog on the topic of Land Promotion Agreements which highlights VAT implications to be considered ahead of land sales. The blog can be … Continued

The importance of cash flow forecasting

“Cash is King” is a phrase often heard in business, the underlying meaning being that you can’t spend what you don’t have. Farming businesses are being significantly impacted by the somewhat horrendous input prices being seen across the industry. The current high crop prices are helping to alleviate this somewhat, however, the nature of agriculture … Continued

New Current Year Basis

For the self-employed and partnerships, whilst the tax year ends on 5 April annually, you are entitled to use whatever accounting year you like.  Put simply, the accounting year end that finishes in the tax year provides the assessed profits for that tax year.  This of course means that someone with a year-end of 5 … Continued

Business finance update

The data release from the Office for National Statistics (ONS) on the 12 May, stating that UK Gross Domestic Product (GDP) had stalled in February and then fallen by 0.1% in March has, as you would expect, led to the general topic of conversation in the mainstream press now turning to whether a recession is … Continued

Holiday let small business rate relief

The letting of holiday accommodation in the UK continues to be a buoyant sector. Arguably it has been bolstered in the last few years by the pandemic, resulting in many people choosing to holiday in the UK rather than travelling abroad. Providers of holiday accommodation can range from formal letting businesses owning multiple properties, to … Continued

Capital Gains Tax Rollover Relief

As rural businesses continue to evolve on the back of changing Government support payments and the ever changing economic landscape, we will continue to see continued property sales as rural businesses restructure for the future.   On top of this developers still seem keen to acquire land to meet the country’s increased new housing needs. As … Continued

Intestacy Rules

Over half of adults in the UK do not have a valid Will.  This means that when they die, their assets are distributed in accordance with the Intestacy Rules which can cause all manner of problems if assets are sent to undeserving members of a family or, for example, a substantial inheritance is left to … Continued

The importance of thorough family discussions

As the second successive year of reduction in Basic Payment starts to bite, with further reductions to come before abolition of the payment, more and more farming families are turning their thoughts to future diversified activities and succession of the business. This will include management of the different elements of the business but also to … Continued