Latest News

Compulsory purchase of land and Capital Gains Tax

There are Capital Gains Tax (CGT) consequences to consider when land is sold under a Compulsory Purchase Order (CPO). A sale like this may be involuntary and this is recognised by the tax system. This is by way of a form of rollover relief, which is similar but crucially different to that available to all trading businesses.

Where next for Inheritance Tax?

The Office of Tax Simplification (OTS) has made several announcements around tax legislation which could adversely affect farmers and other rural businesses in the coming years.

Diversification – the legal pitfalls

Diversification plays an important role in creating a strong, robust and successful farming business than ever before and is a key strategic step to future proofing any farming businesses.  

Partnership with Figured- providing a powerful farm management software app

To help our clients produce accurate management information we have partnered with Figured, a powerful Farm management software product which allows better focus and easier decisions to me made.

Figured, smart, simple, powerful farm financial software App for Xero

Armstrong Watson is proud to announce a strategic partnership with Figured, the leading financial software company in the agricultural sector; a key addition to their cloud accounting proposition. Armstrong Watson are positioned as Agri and Farming sector leaders with offices throughout Cumbria, the North East, Scotland and Yorkshire. Armstrong Watson is recognised as a leading Xero Platinum Partner being awarded Xero Partner of the Year 2017.

Can an audit really add value…?

A joined-up audit and advisory solution can increase the equity value of our business. 

Farm Landlords and Tenants - The Tax Issues

There are various tax issues that arise in relation to transactions between landlords and farm tenants. Regardless of which side of the transaction you are on, it is important to understand both points of view.

Stamp Duty Land Tax on commencement

This is often overlooked, but can be payable by the tenant. The calculation is complicated but fortunately there is a calculator on HMRC’s website which works out the Net Present Value of the rents payable. If the answer is more than £150,000, the SDLT payable is 1% of the excess.

Tax Relief on buildings and machinery

The Budget on 29^th October did not have much of interest for farmers. However, there were a number of changes relating to the amount of tax relief available on capital expenditure.

Tax relief on machinery

HMRC changes for farming businesses

HMRC have made changes to how farming businesses submit information to tax autrhorities and how those returns are checked and enquired into.

Occupying Land - get the paperwork right

Douglas discusses the tax implications of a recent Scottish Land Court case concerning a dispute between a landlord and tenant