Purchasing machinery is a huge financial commitment and when timed right can be extremely tax efficient. In years where there has been a good harvest, re-investing some of that profit into new plant and machinery before the end of the year is one of the best tools to reduce your tax liability.
Ellacotts are delighted to be attending LAMMA 2022, the show will be celebrating its 40th anniversary on 4th & 5th May 2022 at the NEC Birmingham.
Further changes are coming…..
With the farming industry undergoing mass reforms and increased pressures as the Basic Payment Scheme is phased out, the Chancellor’s latest Budget statement was eagerly awaited. In the end, the farming sector was largely overlooked, with the focus being on a new post -COVID economy of fiscal stability.
The well-known routes to take money out of your limited company are by way of salary and dividends.
Winter evenings or perhaps hours spent on a tractor can give time for thoughts and discussions regarding business structure and succession planning. The team at Ellacotts collectively have decades of experience in handling transitions in business management and land ownership with our farming and landowning clients.