Farming & Rural Business Community articles

Potential pitfalls when dealing with HMRC.

Given the backdrop of post pandemic deficit, recession and war, the harshness of the 2022 autumn statement is unsurprising, and had been well flagged beforehand. However, it was reasonably well received in the financial markets, and to quote a Times by-line “the only consolation is that at least we know where we stand”.

As I look back on the last few “views from the Chair” I am staggered at how much has happened in so little time. Domestically, we have seen two monarchs, four chancellors and three Prime Ministers in the space of a few months. Drought has, as is often the case, been followed by flooding, commodity prices have traded in ranges previously unheard of and, just as the impact of COVID-19 seems to be stabilising, we have suffered what is probably the worst outbreak of poultry disease in living memory. Finally, of course, the subsidy system which has underpinned UK agriculture for well over half a ce...

There is an old joke about a mathematician, a statistician, a stockbroker and an accountant. In response to the question “what is two plus two?“, the mathematician replies "four." The statistician will tell you it is 95% probable that the answer lies between 3.98 and 4.02, the stockbroker asks, “buying or selling?” and the accountant simply says, “what would you like it to be?”

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.

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.

What you need to know and how to get involved.

It’s been three years since the last Xerocon and it's fair to say there was plenty of pent-up demand for the 2022 event.