28 Apr 2023 | VAT, Farming & agriculture, Tax
The way in which HMRC charges penalties for late VAT return submissions and late VAT payments has changed. All VAT return periods starting on or after 1 January 2023 will be caught under the new VAT penalty system.
28 Apr 2023 | Farming & agriculture
Tom May considers the complications multiple properties and periods away can bring and the impact on Private Residential Relief.
31 Oct 2022 | Benchmarking, Farming & agriculture
We have now completed about half of our gross margin accounts for the 2021 harvest across our portfolio of arable clients, covering over 50,000 acres. A comparison of the 2021 harvest against the 2020 harvest is summarised below: Financial position of the ‘average’...
23 Aug 2022 | Farming & agriculture
The summer months are usually slightly quieter for the Agriculture team due to our clients being busy with the harvest, but this year we have had more to keep us busy as a result of the requirement that most UK trusts now need to be registered with H M Revenue & Customs (HMRC).
29 Jun 2022 | Farming & agriculture
Uncertain commodity prices and fluctuating input costs are a recurring theme for our farming clients.
20 May 2022 | Farming & agriculture
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.