Tax Allowances on the Farm

Tax Allowances on the Farm

Certain plant and machinery can qualify for what’s known as Annual Investment Allowance (AIA), which allows businesses to claim for the cost of the new asset (up the specified threshold) in the year of purchase. The current Annual Investment Allowance is £200,000 (in...
Big Changes In Estate Planning

Big Changes In Estate Planning

The introduction of the Main Residence Nil Rate Band (MRNRB) has significantly changed Inheritance Tax Planning for Land and Business Owners. If your assets are worth more than £2m (including Land and Business assets) then your Estate could lose the benefit of up to...
Are Your Farm Repairs Tax Deductible?

Are Your Farm Repairs Tax Deductible?

When carrying out extensive repairs to maintain their premises a farmer may assume that, without question, these repairs will be offset against the business income received thus reducing the tax bill for the applicable accounting period. HM Revenue and Customs...

Is A Will Really Necessary?

The simple answer is yes. Unless all your assets are held in joint names and/or you are happy to rely on the arrangements for your family that the intestacy laws will provide, then it is imperative you make a Will. Without a Will an Estate with a value of more than...
Accounting For Insurance Payouts

Accounting For Insurance Payouts

No matter what type of business you run, you will have assets. Farm businesses may have stock, land, crops, machinery, a farmhouse. It is prudent to insure these assets to be confident that you that you are fully covered in the event of an unfortunate incident. Given...