Know How / Tax Must reads HMRC 2024 basis reforms - what farmers need to know Furnished Holiday Lets regime - advice on abolition of tax rules Advice on tax implications of restructuring a farm business Stamp duty and farmland: How it works and what to expect Practical adviceSee all BUSINESS MANAGEMENTOrder of IHT relief application key to potential liabilityThe potential impact of the Budget's inheritance tax (IHT) relief cut needs careful calculation, advisers warn. They stress that every situation is different, highlighting the importance of assessing the potential… TAXWhat to consider in light of planned Budget IHT relief cutThe plan to limit inheritance tax (IHT) relief for farming and other businesses to the first £1m of value has been met with shock. The £1m threshold, after which IHT… TAXBudget delivers heavy cut to farming's IHT reliefsChancellor Rachel Reeves has slashed farming’s favourable inheritance tax reliefs in this week’s Budget, limiting 100% agricultural property relief and business property relief to the first £1m of value. Above… BUSINESS CLINICBusiness Clinic: Tax advice on farm sale and kit disposalWhether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Joe Spencer, a partner with MHA, advises on the tax implications of moving to using… BUSINESSConsider implications of farming company structure fullyA company structure is right for some businesses, but too often the decision is driven by the potential for paying less tax on profits when there is far more to… TAXAdvice on averaging farm profit to smooth out tax billsFarming profits can be averaged over two or five years provided certain criteria are met. This has the advantage of smoothing cashflow on tax and national insurance payments, also potentially… BUSINESS CLINICBusiness Clinic: Tax advice on shared land projectWhether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here Joe Spencer, a partner in MHA, advises on the tax relief implications… TAXAdvice on Furnished Holiday Lets tax rulesFarms running furnished holiday lets (FHLs) will lose significant tax advantages next year, following confirmation from the government that a plan originally announced alongside this year’s spring Budget is being… BUSINESS CLINICBusiness Clinic: Should smallholder become VAT registered?Whether it’s a legal, tax, insurance, management or land issue, Farmers Weekly’s Business Clinic experts can help. Here Joe Spencer, partner, MHA, advises on a smallholder’s VAT questions See also:… TAXElectric vehicles for farm businesses – tax considerationsElectric vehicles (EVs) won’t suit every farm business but for some, especially diversified operations, they can not only reduce running costs but also help raise brand awareness and environmental credentials.… BUSINESSVAT and diversification - beware the pitfallsDiversification raises many tax issues, among them the differences in how VAT is accounted for compared with traditional farm produce sales. Accountant Julie Butler of Butler & Co says VAT… TAXAdvisers highlight legal issues following election callThe Finance Bill received royal assent on 24 May and included most of the main changes in the Budget. As well as cuts to national insurance rates and an extension… InsightsSee all MARKETS AND TRENDSOutlook 2025: Lower inflation offers hope for UK economyThe world is changing. It is not as safe a place to be as last year or over the past decade. International markets are nervous. Protectionism is on the rise.… FARM POLICYAnalysis: Why the Treasury has it so wrong on impact of IHTFresh analysis from the NFU has set out exactly why the union believes Treasury claims that only about a quarter of farm businesses will ever be caught by its inheritance… BUSINESSHow CLA figures dismiss government position on family farm IHTLobbying against the proposed cut to agricultural property relief (APR) and business property relief (BPR) is intensifying. Analysis by the Country Land Association (CLA) demonstrates the severe challenge that the… BUSINESS MANAGEMENTAdvice on moving into contract farming agreementsContract farming agreements (CFAs) offer a way to maintain the income and capital tax advantages of being a working farmer, while reducing the demands of day-to-day management and working capital… BUSINESSBudget measures open some tax doors but close othersConfirmation 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… TAXAPR restriction to minimum eight-year tenancy prompts clashA 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.… BUSINESSIHT: Farmers call for natural capital payment changesFarm 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 MANAGEMENTCompany accounts reform: What it means for farm businessesFarm 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… BUSINESSAD plant operators challenge business rates hikeA 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… POULTRYThe cash poultry farmers could be missing out onMany 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… ARABLEHow growers can claim cash for the way they farmPlanting 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… BUSINESSCould 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,…
