Know How / Tax

Practical advice

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BUSINESS CLINIC

Business Clinic: How to carry out stocktaking valuations

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Joe Spencer, partner at accountant MHA, tax manager at MHA, advises on what…

TAX

Year-end tax tips to efficiently use reliefs and allowances

The end of the 2023-2024 tax year brings the need for the usual checks to make sure reliefs have been claimed correctly, and tax saving investments made where they are…

TAX

HMRC 2024 basis reforms - what farmers need to know

April 2024 will see the introduction of a law which affects how sole traders and partnerships are taxed. From 6 April this year, businesses will be taxed on profits generated…

BUSINESS CLINIC

Business Clinic: Can we adjust allowances claim on dairy?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Stuart Chipperfield, tax manager at MHA, advises on capital allowances for investment in…

TAX

Tax rulings show importance of diversification planning

Successfully claiming business property relief (BPR) from inheritance tax (IHT) on diversified farm enterprises depends largely on demonstrating that the business is a trading operation, rather than an investment. Most…

BUSINESS CLINIC

Business Clinic: CGT issue for tenants renting out houses

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Carly Drummond, senior tax manager at MHA, advises on the tax implications of…

BUSINESS MANAGEMENT

5 new-year farm tax and finance tips

January is the ideal time to put financial, business and family plans in order. Farmers Weekly rounds up some top tips from the experts. Suzie Horne rounds up some top…

TAX

Stamp duty and farmland: How it works and what to expect

Stamp duty land tax, charged on property buyers, can amount to a large extra charge on a transaction.      It is vital to understand the stamp duty land tax…

BUSINESS

Business Clinic: How will I be taxed on plot sales cash?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Carly Drummond, senior tax manager at MHA, advises on the tax implications of…

TAX

How to settle your tax bill when finances are challenged

High cereal and milk prices that bumped up profits for the arable and dairy sectors were short-lived and significant price cuts have followed. Coupled with higher interest rates and little…

TAX

Advice on tax implications of restructuring a farm business

High land values mean the tax risks of poor planning and rushed decisions can prove very expensive. Poor decisions can arise for many reasons, including family or financial pressure, grudges,…

BUSINESS CLINIC

Business Clinic: IHT implications of mother moving back in?

Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Carly Drummond, senior tax manager at MHA, advises on a farming family situation…

Insights

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BUSINESS

Budget measures open some tax doors but close others

Confirmation in the 6 March Budget that agricultural property relief from inheritance tax will be available on land in all Environmental Land Management (ELM) schemes has been generally welcomed, but…

TAX

APR restriction to minimum eight-year tenancy prompts clash

A Budget consultation on inheritance tax (IHT) calling for views on restricting agricultural property relief (APR) to tenancies of at least eight years has produced a wide range of views.…

BUSINESS

IHT: Farmers call for natural capital payment changes

Farm and rural leaders have set out their thoughts on how to tackle the inheritance tax risks which are acting as an obstacle to farmers entering more land into environmental…

BUSINESS MANAGEMENT

Company accounts reform: What it means for farm businesses

Farm businesses trading as a limited company are likely to be affected by reforms to the way they prepare and file their accounts. The government is pushing forward with plans…

BUSINESS

AD plant operators challenge business rates hike

A huge hike in business rates for anaerobic digester plants in England and Wales is being challenged by a growing number of operators and farmers. In the past 10 years…

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…