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Agriculture & Property Spring Newsletter 2023
28 Apr 2023
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.
Agriculture & Property Autumn Newsletter 2022
11 Nov 2022
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.
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.
Related News
What is Business Protection Assurance and do you need it?
Business Protection Assurance helps protect a business against possible financial losses when terminal or critical illness or death affects the owners or their employees.
Using pensions as an Inheritance Tax planning vehicle
Contributions to registered pension schemes for others offer significant potential benefits for IHT planning.
Biodiversity Net Gain
Biodiversity net gain (BNG) is a way to contribute to the recovery of nature while developing land. It is making sure the habitat for wildlife is in a better state than it was before development.
Landed estate specialist tax advisor
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 specialist tax advisor and accountancy 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 estate specialist tax advisor today
They have been extremely proactive in suggesting ways to benefit us. We trust Ellacotts to look after every aspect.
Lord Saye
Broughton Castle Estate
Sectors
