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Equine Newsletter Autumn 2017

16 Nov 2017

Equine Newsletter Spring 2017

16 Nov 2017

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VAT and overseas transactions

VAT and overseas transactions

Accounting for the VAT depends on whether it is a transaction within the EU or outside of the EU and whether the item is a good or a service.

Equine & bloodstock businesses

We are specialists in the equine and bloodstock sector, providing taxation and accounting services to trainers, breeders, racehorse owners, stud farms, livery yards, eventers and competition yards and other equine related businesses.

Agricultural property relief & business property relief

You could minimise Inheritance Tax by claiming Agricultural Property Relief (APR) and Business Property Relief (BPR) on relevant aspects of your business.

Income Tax

Equine businesses can be loss making in the early years of trade. However, there are certain loss relief rules and you may be able to offset losses against your other taxable income.

Running a commercial business

HMRC knows that there can be an element of personal enjoyment and private use with some equine businesses. However, if a business is not run commercially this can effect trading loss reliefs and other taxes.

We can help you provide evidence that your business is run commercially, with a view to profit and ensure that any private enjoyment is correctly represented.

VAT

We can help with all areas relating to VAT planning including using the VAT scheme for racehorse owners and advising on VAT rates concerning DIY liveries through to special purpose yards.

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