Who we help
Agriculture Newsletter Spring 2021
05 May 2021
Agriculture Newsletter January 2021
04 Jan 2021
Agriculture Newsletter Autumn 2020
30 Oct 2020
Many businesses were impacted by the Coronavirus (COVID-19) pandemic and as a result, claimed the Self-employment Income Support Scheme (SEISS) grant offered by the Government.
What are the tax implications of gifting developable barns within the farming family?
Splitting up the family farming business often results in two very strong operations that benefit from one another’s support and close working. Take a look at everything you need to know when splitting up your farming business within the family.
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.
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.
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
They have been extremely proactive in suggesting ways to benefit us. We trust Ellacotts to look after every aspect.
Broughton Castle Estate