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Farming family's passion and dedication to producing premium Lakeland Lamb for Booths

Lakeland Lamb is the product of a fifth-generation farming family. At the heart of their business is the breeding and rearing of premium lamb from Herdwick Sheep and cross-bred Herdwick-Continental breeds, which they supply to Booths meat counters. 

Farming and environmental land management – the tax issues

Armstrong Watson has just submitted its response to a recent HMRC consultation on the taxation of land entered into various environmental schemes.

Avoid the VAT issues for new dwellings on farms

The shortage of affordable properties in many rural areas, means more farming businesses are looking at building new properties or converting buildings to provide accommodation for family members or workers. But what about the VAT issues that can arise?

How can farmers fill the void after the loss of BPS payments to sustain their business?

With the reduction in BPS payments now really starting to be seen, almost all farming businesses are trying to work out how they can look to fill this void.

Careful timing needed to claim capital allowances for assets on hire purchase

When buying farm machinery on hire purchase, care needs to be taken with the timing. Once the asset is brought into use for the purposes of the trade, you are treated as having incurred all the capital expenditure even though you will be paying off the finance over several years. 

David Threlkeld: from rural roots to accounting expertise

Armstrong Watson's David Threlkeld joined the firm as a trainee accountant at the age of 20. Now an agricultural accounting partner working with a large portfolio of farming businesses, he looks back on his career spanning almost three decades.

Reminder that new penalty regime for VAT will hit farmers

Farmers who submit late VAT returns or miss their payment deadlines could now be fined £200.

The Budget 2023 –  changes to tax relief of capital expenditure

While there was little of real interest for farmers in the Spring Budget, there was a big announcement regarding tax relief known as “full expensing”, which will offer some businesses more tax relief when purchasing machinery and equipment.

To replace the super deduction tax relief, companies will be able to claim 100% relief on qualifying capital expenditure, such as IT equipment and plant and machinery, without any cap for the next 3 years. 

You might be entitled to Business Asset Disposal Relief when selling your farm business

If you are considering selling part or all of your farming business you may be able to pay less Capital Gains Tax (CGT) if you qualify for Business Asset Disposal Relief (BADR). 

Stamp Duty Land Tax when buying farm property

The calculation of Stamp Duty Land Tax (SDLT) when buying additional farm property can be extremely complicated and where the purchase includes a residential property a number of issues can arise.