While there was little of specific interest for agriculture in the recent Autumn Statement, there were some announcements in the Chancellor’s raft of new measures that may impact farm businesses. In other areas – notably Inheritance Tax - (IHT) announcements that were speculated did not materialise.
The main headline from the Autumn Statement was the announcement that the Government will reduce National Insurance Contributions for both the employed and self-employed.
The big news around the Autumn Statement was the cuts to National Insurance (NI), which impacts both employees through their class 1 contributions but also the self-employed. The Chancellor recognised the important work undertaken by the self-employed and wanted to simply the tax system for them.
Jeremy Hunt has delivered an Autumn Statement he said will grow the economy and back British businesses, but while many of the fiscal plans announced seem generous, businesses may still see increased financial pressure in 2024.
It can be dangerous to assume that all the assets owned by a farming family will be exempt from Inheritance Tax (IHT). Here we look at a recent tax tribunal in which £1.6m of IHT was at stake and the family concerned were denied their claim for Business Property Relief.
Every business looking to expand needs to have a detailed vision of what it wants to achieve – whether this is expanding into new markets, attracting new customers, developing new products or services, or acquiring another business.
To do this successfully there are a few things to consider:
From 6 April 2024, all unincorporated entities (sole traders and partnerships) will be taxed on profits generated in the fiscal year and not those aligned to the business’s accounting year-end. Planning your income and expenses now may help you manage your future tax bills.
As interest rates continue to rise, and with inflation stubbornly high, many businesses are experiencing rising costs. Here are six tips to help ease the pressure on your family business.