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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 41 results
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.
Exclusive Capital allowance around buying a farm
  • Article
  • 01 Aug 2022
  • Julie Butler & Jennie Helm
The current value of farms is high despite low profits and uncertainty. At the time of writing, demand for farms exceeds supply and there are a larger number of buyers who are new to farming coming into the market. Purchasing a farm can give rise to many tax reliefs and it is essential that these are maximised from every perspective and be tailor-made to the buyer. Capital allowances planning is often overlooked or even dismissed as too tedious.
Exclusive Land registry issues
  • Article
  • 29 Jul 2022
  • Keith Plillips
A change of policy by the Inheritance Team at HMRC has led to issues at the Land Registry where charges are being applied to land where the ownership details are being updated following a death in the name into the names of the beneficiary. Previously, to register land, an application for a clearance certificate (IHT30) was historically automatically sent out by HMRC. Now these need to be applied for.
Exclusive Making tax digital – more problems ahead?
  • Article
  • 29 Jul 2022
  • David Missen
The continuing saga of MTD.
Exclusive Will land in fully environmental usage still be eligible for APR?
  • Article
  • 24 Mar 2022
  • David Missen
With the general move towards ‘greener’ farming following on from the Health and Harmony consultation and the Agriculture Act, some concerns have been raised as to whether land which is put into long term schemes that are fundamentally environmental rather than agricultural will still be eligible for the existing Inheritance Tax reliefs.
Exclusive Tax Administration and Maintenance Day - No news is probably good news (at least for the time being)
  • Article
  • 15 Mar 2022
  • David Missen
Historically, the government’s annual tax and spending plans were announced in a spring budget, with any of the changes taking almost immediate effect. More recently, the position has become rather more protracted, with spring announcements which may take effect years into the future and a further mini budget in the autumn. In 2021, the position was made even less transparent with a ‘Tax Day’ shortly after the budget to announce various plans and consultations, then on 3 November a further ‘Tax Administration and Maintenance (TAM) Day’ to report back on those consultations.
Exclusive Babylon Farms
  • Article
  • 15 Mar 2022
  • Ben Allman
A recent case has highlighted the need for VAT registered businesses to be operating on sound and commercial terms for input VAT to be reclaimable. In particular this case focused on an agricultural activity which was being operated through a company, separately to the owners’ other activities.
Exclusive Practical points on Capital Allowances
  • Article
  • 04 Nov 2021
  • Keith Phillips and Elizabeth Peters
Discusses a few points around planning for capital allowance when working in practice
Exclusive Recent tax cases – what is tax-allowable?
  • Article
  • 04 Nov 2021
  • David Missen
Two recent tax cases have tested the question of allowability of the tax relief attributable to building costs.
Displaying 1-30 of 41 results

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