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Proposed changes to accounting dates could leave some farmers facing higher tax bills

Agricultural Accountants, Armstrong Watson, is warning that farming businesses could see significant changes to the way they are taxed and may face higher tax bills than expected if a proposed reform is implemented.

VAT to consider with farm diversification

One consequence of the COVID-19 pandemic is that holidays in the UK – or “staycations” – have become more popular than ever. Here we will look at the VAT issues that should be considered as part of the planning for such a venture:

Potato store tribunal highlights complexities of capital allowances for farmers

A recent tax tribunal concerning a potato store, emphasises the complexity involved when claiming tax relief on farm buildings.

Tax problems with farm cottages

It is commonplace for farming families to have a complicated property ownership history. This can result in a position where not everybody knows who owns a particular property and for family members to be living in houses owned by someone else. It worth then considering the tax consequences that can arise.

Protect your company’s financial stability in times of uncertainty

During the pandemic the Government has provided support in the form of loan schemes. Although these loans are underwritten by the Government, in the event of a business failure resulting from the demise of a director, the debt will be repaid from business assets, potentially putting the business under financial pressure...

Directors' duties to minimise risk in uncertain times

Many business owners have faced challenges over the past year or so, as a consequence of the Covid-19 pandemic and other issues that have impacted upon the economy. Whilst the economy has now started to reopen and life gets back to normal, many business owners have found themselves with liabilities arising from the pandemic. In this article, we will look at how you can minimise any risk arising in this situation.

Are ISAs past their best-before dates?

The role of Individual Savings Accounts (ISAs) has changed since they were launched more than 20 years ago, so are they still worth having?

Since ISAs were introduced in April 1999 the portfolio has been extended to include:

Selling your business – the importance of good advice and support

Whether it’s director fatigue, feeling trapped in your business or simply the time is right to go, many see the sale of their business as a key step in the process of their financial planning for retirement - the final task in preparing for the next stage of their journey and a leap towards the personal and financial freedom it may bring.

What are the proposed tax changes for the self-employed, sole traders and partnerships?

Unincorporated businesses could see significant changes to the way they are taxed following the launch of a consultation by the Government – which could lead to some facing higher tax bills than expected.

Farming survey highlights focus is needed on planning for the future 

A number of potential risks to agricultural businesses have been highlighted in a recent survey by the Rural Agriculture Group (RAG UK).  

Armstrong Watson’s respondents, from across the north of England and Scotland who run livestock, dairy and arable farms, highlighted the future of subsidies among their top three challenges, which also included climate change and the environment as well as cashflow.