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Farming & Rural Business Community tax articles

The latest articles related to tax in the farming and rural industries.

Most articles are only available to Farming & Rural Business Community members. Log in or find out how to join the Community.

Displaying 1-30 of 49 results
Exclusive More Budget news
  • Article
  • 08 Nov 2024
  • Farming & Rural Business Community advisory group
Behind the main Budget announcements, a few other matters of rural interest can be found.
Exclusive Furnished holiday let reform – the last gasp from the March 2024 Budget!
  • Article
  • 07 Nov 2024
  • David Missen
The recently published details of forthcoming reforms to the tax treatment of Furnished Holiday Lettings (FHL) income, which were initially announced in the 2024 Budget but omitted from the Finance Bill, signal significant changes effective from the end of the 2024/5 tax year. These reforms, which were announced on 30 July, were confirmed as part of the 2024 Budget package.
Exclusive Further thoughts on the Halloween Budget
  • Article
  • 06 Nov 2024
  • David Missen
Now that the dust has settled, at least temporarily, on the Autumn Budget, it is worth looking at the implications for those taxpayers who are likely to be affected.
Exclusive Budget 2025 – what’s in it for agriculture?
  • Article
  • 06 Nov 2024
  • David Missen
On the whole, Rachael Reeves first Budget has not been received well by the farming community. The NFU said “APR changes would put family farms at risk”, Victoria Vyvyan, president of the Country Land and Business Association, said the change was “nothing short of a betrayal” and the Guardian summarised that “farmers in England must do more with less”. In contrast, food security Minister Daniel Zeichner said: “our commitment to farmers and the vital role they play to feed our nation remains steadfast."
Exclusive Renewable energy – wind turbines
  • Article
  • 06 Nov 2024
  • Daniel Sharpe
Solar panels have dominated the renewable energy sector for many agricultural clients, often utilising unused roof space to provide clean and lower cost energy. This has been of particular importance in recent years with the large rise in energy costs, especially when farm buildings can be energy intensive. Energy storage can be expensive or not possible, meaning the peak energy generation often doesn’t align with the demands of the farm, such as for running cold stores over winter and spring. Wind turbines could be the solution.
Exclusive Jeremy's blog 1 November 2024: a Budget for spending not growth
  • Article
  • 01 Nov 2024
  • Jeremy Moody
As the dust settles on yesterday’s Budget, we have much to think about.
Exclusive Butler & Others v HMRC [2023]
  • Article
  • 17 Jul 2024
  • Lucy de Greeff
The result of a recent First Tier Tribunal case on a failed claim for 100% Business Property Relief (BPR) on an interest in a Limited Liability Partnership (LLP) which ran a wedding business will be of interest to members and rural businesses alike.
Exclusive Mind the gap
  • Article
  • 15 Jul 2024
  • David Missen
The 'tax gap' gained significant attention during the General Election, with both major parties promising to reduce it to enhance state finances. However, reducing the tax gap is a complex issue due to several factors.
Exclusive Farm dispute in the headlines – estoppel and unjust enrichment
  • Article
  • 10 Apr 2024
  • Julie Butler
Discussing the case of Mate v Mate.
Exclusive New tax guidance on trees and woodland – December 2023
  • Article
  • 09 Apr 2024
  • David Missen
As the exploitation of land in the UK moves into a new era, the financial, environmental, cultural and sporting value of woodland is constantly being reappraised. Readers will not have forgotten the “which party will promise to plant more trees?” auction from the last election.
Exclusive Tax credit changes
  • Article
  • 08 Apr 2024
  • Jon Gifford
After more than 20 years, the system of Working and Child Tax Credits is finally coming to an end, after many delays.
Exclusive Clarity on the tax treatment of land held in environmental schemes
  • Article
  • 05 Apr 2024
  • David Missen
It seems a long time ago that the consultation on the taxation of environmental land management schemes was launched. The consultation period ended in June and, after what must have been considerable contemplation, a response was issued within the appendices to the March 2024 Budget.
Exclusive Autumn Statement 2023 – a seismic opportunity in the small print
  • Article
  • 04 Apr 2024
  • David Missen
The 2023 Autumn Statement is by now receding into memory. One relatively quiet announcement which, to date, has received relatively little attention may have enormous consequences (and opportunities) for large parts of the farming sector.
Exclusive HMRC enquiries
  • Article
  • 31 Oct 2023
  • Keith Phillips
Following a relatively quiet time, our group has seen a marked increase in enquiries from HMRC. Most seem targeted in two areas: property transactions and research and development claims.
Exclusive Development land tax pitfalls – deferred consideration
  • Article
  • 27 Oct 2023
  • Julie Butler
Despite all the news about the housing sector slowing down, the demand for farmland for development has remained strong, with reduced profit margins due to costs. Tax on the sale of land for development can be very complicated. In most cases the gain on the sale of land should be chargeable to capital gains tax (CGT) but in some cases the profit can be charged to income tax and this takes considerable planning in advance.
Exclusive Constant clashing on mixed usage SDLT
  • Article
  • 26 Oct 2023
  • Julie Butler
Stamp Duty Land Tax (SDLT) planning is important when buying a farm or selling part of farms “tax efficiently”. SDLT has been both in the headlines and subject to mailshot by “ambulance chasing” tax advisers looking for SDLT refunds. The case of Henderson Acquisitions Ltd v HMRC [2023] (TC8922) is an example of advisers looking for refunds of SDLT following the Bewley (TC6951) case on what qualifies as a derelict/unsuitable building and therefore be able to claim the non-residential rate of SDLT.
Exclusive Rising interest rates and falling numbers of tax returns don’t always match
  • Article
  • 25 Oct 2023
  • David Missen
The impact of rising interest rates on those with variable rate mortgages has been well publicised. However, not everyone is affected and those on fixed rate mortgages may have seen no difference at all in their monthly mortgage payments, and, for the time being at least, may wonder why there is a problem. For those with money in the bank and, despite the fact that lenders are generally much quicker to raise their mortgage rate than to raise the amount they pay out to their depositors, things have been looking much rosier. Interest receipts are already visibly higher in the 2022/23 tax return ...
Exclusive What are the new CPD requirements?
  • Article
  • 24 Oct 2023
  • David Missen
Many members will already be aware of the CPD changes which will take effect in the near future. For those of more advanced years, the new format will be familiar and is reminiscent of the regime which existed in the 1980s and 1990s.
Exclusive Temporary recreational campsites
  • Article
  • 29 Aug 2023
  • Julie Butler
A change to planning law that frees up farmers and landowners to provide more camping pitches could offer a lifeline to struggling rural communities. Rural tourism accounts for a large amount of domestic tourism.
Exclusive The keeping of horses not a trade for EIS relief
  • Article
  • 20 Jul 2023
  • Julie Butler
There have been a number of tribunal cases where appeals have failed as a result of there not being a recognisable trade, e.g. Babylon Farm Ltd v HMRC [2021] UKUT 224 (TCC) regarding the sale of hay for horses.
Exclusive PAYE and NIC – Advisory group members share their experiences
  • Article
  • 19 Jul 2023
  • Tim Evans & Jonathan Gifford
Two members of the Farming & Rural Business Community advisory group give their hints and tips gleaned from working with PAYE and NIC.
Exclusive Hedge fund – were the activities an intended trader
  • Article
  • 19 Jul 2023
  • Julie Butler
Important and relevant details of the recent case.
Exclusive Changes to business rating – a new minefield
  • Article
  • 14 Jul 2023
  • David Missen
It was announced in the Autumn Statement that the business rating eligibility of properties used as furnished holiday lets would change from 5 April 2023.
Exclusive Harvesting Success: Why the new financial year is a prime opportunity for farming teams to get ahead
  • Article
  • 18 Apr 2023
  • Dave McGregor
With the end of the financial year, accountants working with farming clients are presented with unique challenges, particularly when it comes to gathering data. In this article, we’ll explore the upcoming changes regarding Making Tax Digital (MTD) and MTD for Income Tax Self Assessment (ITSA), and its impact on accounting firms working with farming clients, as well as what other firms are doing to mitigate some of the pain points when gathering data.
Exclusive Green issues
  • Article
  • 17 Apr 2023
  • Daviid Missen & Will Nixey
Green issues have been very much in the news recently and are likely to assume a greater importance in future. In the next two articles, David Missen and Will Nixey look at different aspects of the issue. These also need to be read in conjunction with the article on the Budget announcement of a "call for evidence and consultation".
Exclusive Spring Budget 2023
  • Article
  • 14 Apr 2023
  • David Missen & Mark Lumsdon-Taylor
The Spring Budget has given the profession plenty to think about. The following articles look at if from three different angles.
Exclusive Energy saving materials and planning permission
  • Article
  • 14 Apr 2023
  • Julie Butler
The construction, maintenance and improvement of property is a key issue for almost all farmers. In this article Julie Butler considers two property related tax cases and their implications for the rural business.
Exclusive Practical tax points
  • Article
  • 28 Nov 2022
  • David Missen
Potential pitfalls when dealing with HMRC.
Exclusive HMRC Roll Over enquiries
  • Article
  • 17 Nov 2022
  • Ben Allman
There is evidence that HM Revenue and Customs (HMRC) are following up provisional Business Asset Roll Over Relief forms, reminding taxpayers to submit the valid claim. On occasion this has been noted to be after the deadline for submitting a valid claim has passed.
Exclusive Two registers to watch out for
  • Article
  • 03 Nov 2022
  • David Missen
As we all know by now, the Trust Registration Service was set up in 2017, as part of a worldwide drive to reduce money laundering. Although this was done as part of a European initiative, it was agreed as part of the Brexit Withdrawal Agreement that this would be maintained in future. However, another register has been introduced with very little notice or publicity.
Displaying 1-30 of 49 results

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