Who we help

Downloads

Agriculture & Property Spring Newsletter

18 May 2022

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.

Agriculture Newsletter Spring 2021

05 May 2021

Agriculture Newsletter January 2021

04 Jan 2021

Related News

How can the Taxman oil your machinery purchase

How can the Taxman oil your machinery purchase

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.

LAMMA 2022

LAMMA 2022

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.

Landed estate accountants

Landed estates are unlike any other business. There can be conflicting priorities between maximising income in the short-term, while ensuring the estate is maintained and improved for future generations. Our specialist Landed Estates Accountancy and Tax team advise various types of estate owners including trustees, private families and corporate bodies, and have specialist knowledge in areas that affect historic houses such as VAT, chattels, business use proportions and loss relief.

Do you need advice on your estate?

 

Business and Income Tax planning

Business structure can have an impact on Income Tax planning. We can help select the most appropriate structure for your business including partnerships, companies, sole traders and trusts.

Land development and Capital Gains Tax

The Capital Gains Tax (CGT) on the sale of any development land that forms part of the estate can run into hundreds of thousands of pounds. We can suggest ways to minimise CGT and ensure you take advantage of the relevant reliefs and business structures.

Diversification

More and more frequently, estate owners look to maximise the value of their assets by considering options aside from farming and rental income. We work closely with other estate advisers such as solicitors and land agents to identify opportunities for tax-efficient diversification. We have vast experience in renewables and can advise on optimum trading structures.

Financial budgets

Landed estates can have various different enterprises and may need to keep extended family members informed. We can assist with budget preparation and present this to the family. This helps identify any cashflow problems early, as well identify cashflow surpluses that could possibly be reinvested. Budgeting is a useful and effective method of keeping everyone informed and can help manage expectations as to the estates earning capabilities.

Sports and woodlands

There are specific tax rules that apply to woodland operations and we are well-placed to give you advice and suggest efficient structures for shooting and woodland activities.

Passing on wealth

Our advice takes into account family and business structures to ensure that all available exemptions and allowances are utilised. This includes reviewing legal documents such as partnership and shareholder agreements.

We can recommend how best to minimise the impact of Inheritance Tax. We offer a range of solutions such as making lifetime gifts, claiming Agricultural Property Relief (APR) and Business Property Relief (BPR), transferring assets into trusts, life insurance cover and restructuring business ownership.

Speak to a landed estates expert

john-thame

John Thame

Senior Partner

Kettering

joanne-wright

Joanne Wright

Partner

Kettering

They have been extremely proactive in suggesting ways to benefit us. We trust Ellacotts to look after every aspect.

Lord Saye
Broughton Castle Estate

Finances can be complicated.
Let us connect the dots for you…