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By James Fraser

22nd November 2023

Autumn Statement 2023 - Capital allowances and full expensing

In his 2023 Spring Budget, the Chancellor sought to boost investment through changes to the capital allowances regime, including the introduction of full expensing relief effective from 1 April 2023. This was originally introduced as a temporary measure due to expire on 31 March 2026. In his Autumn Statement, the Chancellor announced that he was making the relief permanent.

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By Becky Bowness

22nd November 2023

Autumn Statement 2023 - Head of Tax Initial Reaction

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.

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By David Threlkeld

16th November 2023

£1.6m IHT tax dispute highlights complexities of reliefs for farm businesses

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. 

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By Graham Poles

22nd October 2023

The future of inheritance tax in the UK, the debate continues…

Ahead of the Autumn Statement next month, the on-going debate about the future of Inheritance Tax (IHT) continues. While it is unlikely the 40% tax charge - regarded as ‘Britain’s most hated tax’ - will be abolished anytime soon, it’s likely manifestos will promise another review, and perhaps simplification of IHT.

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By Andrew Robinson

4th October 2023

BPS losses: Opportunity for farmers to save Capital Gains Tax

It is no longer necessary to hold BPS entitlements to receive payments. As a result, entitlements ceased to have any value on 16 May 2023. However, this may give farmers the opportunity to generate a Capital Gains Tax (CGT) loss which for many will result in a significant tax saving in the future.

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By Morag Miller

4th October 2023

Don’t be caught out by the change in basis period – plan ahead

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.

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By Keith Johnston

31st August 2023

Hidden Inheritance Tax pitfalls for farming businesses

It is dangerous to assume that 100% Agricultural Property Relief (APR) or Business Property Relief (BPR) will apply to every asset that is passed on in a modern farming business. There are many cases where HMRC has argued that part of a farming business is chargeable to Inheritance Tax (IHT).

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By Armstrong Watson

24th August 2023

How to protect your automotive business as HMRC enquiries rise  

Car dealerships across the UK are being targeted, and subsequently investigated, for suspected tax evasion. Here are some steps you can take to help mitigate the impact of an HMRC enquiry. 

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By Andrew Robinson

22nd August 2023

3 common VAT mistakes farmers can avoid

In order to avoid HMRC penalties it is important to record expenses and claim VAT correctly for your farm business. Genuine mistakes do happen but there are some things to bear in mind that will help minimise the chance of triggering an inspection.

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By David Threlkeld

27th July 2023

What are the tax issues around grass letting, grazing licences and contract farming?

Asking someone who has lived and worked on the same farm for most of their life whether they are a farmer can provoke a puzzled look. However, where the farmer is now doing less work on a daily basis and a neighbour is grazing the land, HMRC may argue that you are no longer an active farmer.

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