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Autumn AgriMatters 2019 out now!

Welcome to our quarterly AgriMatters newsletter covering topical issues affecting farmers and the agriculture sector.

Included in this Autumn 201i9 issue is a guest article from Neil Wilson, former Head of Agriculture at HSBC with tips on how to deal with lenders in these challenging times, articles on the potential Inheritance tax changes and tax issues to be aware of if land is subject to Compulsory Purchase; plus guidance on how to understand your cashflow.

UK Agriculture Industry - Planning for the Unknown

UK Agriculture businesses need to understand their business in preparation for the impact following Brexit 

Understanding your Cash Flow and Tax Payments

What is cash flow and tax planning, and why is it important for farming businesses to understand?

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.

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.

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

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

Making Tax Digital - are you ready for the digital switchover?

With the Making Tax Digital deadline of 1 April 2019 fast approaching, are you ready and compliant? If not, Armstrong Watson can help by getting you set up with Making Tax Digital compliant software or checking whether your current software is compliant.