Team Manager
- “Thanks to Nick’s advice we secured a sizeable tax and VAT rebate which was very helpful towards our barn conversion.”
G.G Sevenoaks - The winner of our April prize draw is The Home of Stone Limited. A box of chocolates are on their way to them.
- “It gives us great confidence knowing we are able to rely on you and your team to solve our tax problems...”.
J Matthews JM Hair Ltd - “I don’t think you could improve your service to us as everyone we deal with is great. Nothing is too much trouble...”.
Christine Grey, Grey’s Health & Safety Solutions Ltd - Having hired Ed Gooderham at Green and Co, we now enjoy more freedom to concentrate on other areas of our business, and have a lot less stress...
Mark Cushing – Twisted Pair Limited - "During the past 21 months, when I have needed help and guidance, Green and Co have assisted me in every way".
Carol Jones, K Jones Electrical Limited - “What a fantastic service these guys give, they not only sort your accounts they give impartial advice to ensure all your affairs are up to date and working effectively.”
All Sorts Training - “Becoming a limited company is a big step but with the support of Sam and Ed this transaction will be made smoothly.”.
Vixtay Web Design - “Being my first visit to an Accountant's office I was a bit nervous about what to expect, I was totally surprised... and my fears dispelled...”.
A potential client - “Nick fully understands our business and we therefore have confidence in his judgement. We feel we receive excellent service”
Bev Baker – B E Baker & Sons Limited - “It’s a really nice team, feel like human beings. Advice is excellent and reassuring. Would recommend to friends”
Giles Davis - “Thank you very much, I will definitely recommend you!”
Charlie Fleming – April House Farming - For every £1,000 charged in fees we saved our clients £2,460 in tax.
(on average over the last 12 months).
Nick Park, Partner at Green & Co, Cwmbran based accountants, asks – "Does Your Farmhouse Pass The Elephant Test?"
Not a question that you would normally associate with farmhouses, or indeed, farming, but it is relevant for Inheritance Tax (IHT). Most farmers are not concerned about IHT, believing that their farm will qualify for 100% Agricultural Property Relief (APR). In most cases the farm is the most valuable asset in their estate.
Unfortunately over the last few years it has become increasingly difficult to get 100% APR on farmhouses. Whilst the law has not changed, it is being interpreted differently. In many cases 30% of the value of the farmhouse does not qualify for APR.
There have been many legal cases testing eligibility for APR including one which indicated that farmhouses should pass the ‘elephant’ test. The presiding judge believed that you would know an elephant if you saw one and similarly you would recognise a genuine farmhouse.
It has been suggested, by a well known land agent, that you can tell a lot about a farmhouse kitchen if there is an orphan lamb in the Aga. It is a working farmhouse if the lamb is by the warming oven; it probably is not a working farmhouse if it is in the roasting oven (covered in Mediterranean herbs). To my knowledge, however, that has never been tested in a court of law.
The important point to note, which many farmhouse owners are not aware of, is that many farmhouses no longer fully qualify for APR. It is therefore a good time to review your estate planning as in many cases there are ways to significantly reduce the IHT that your estate will suffer.
Green and Co are a three partner practice based in Cwmbran, providing specialised services to the agricultural and landowning sectors. Their comprehensive general business services range from a new business advisory service, acquisitions and disposals, to tax planning, audit and accounting – ring 01633 871122 go to www.greenandco.com
