Farming & agriculture newsletters

In this newsletter:- Tom May considers the complications multiple properties and periods away can bring and the impact on Private Residential Relief. Dan Martin breaks down the rural highlights from the Spring Budget 2023 and how it may affect your business.  Emma Russell takes a look at the way in which HMRC charges penalties for late VAT return submissions and late VAT payments has changed.

The spring Budget 2023, was announced by Jeremy Hunt on 15 March 2023. What the budget means for you.

The outlook for profits, cash flow and tax Ed Nichols reflects on what we are currently seeing with our farming clients. "We are expecting our arable farmers to see even higher levels of profit from the 2022 harvest". Could you benefit from making voluntary National Insurance contributions? Kerry O’Reilley, partner within our Agriculture and Property team, explains why making voluntary National Insurance contributions could be beneficial. The evolution of the farm and business As families evolve, and businesses change, we are often asked to assist and advise in connection with rearranging property ownership and business structure.   Highlights from our benchmarking of the 2021 harvest Laurence Edmunds has completed gross margin accounts for the 2021 harvest across our portfolio of arable clients and presents his comparison of the 2021 and 2020 harvests.  

Structuring farming operations- minimising tax risk from environmental schemes Basis period reform Although the tax year runs from 6 April to 5 April, many farming partnerships draw up their accounts to a different year-end for example they could have a 30 September year end in order to align with the harvest year.

Winter evenings or perhaps hours spent on a tractor can give time for thoughts and discussions regarding business structure and succession planning