Latest News

Corporation tax rate changes and associated companies

Following the Corporation Tax rate increase on 1 April 2023, the rate of tax a company now pays now depends on its level of profit and whether the company has any “associated companies”. It is therefore important to understand how the status of an associate company is determined.

Compulsory purchase of land and Capital Gains Tax

Farmers and landowners who lose land under a Compulsory Purchase Order for a new road scheme have many things to consider, including Capital Gains Tax, and legal or valuation issues. 

Should I set up a trust?

Trusts have become something of a political football in recent years and their use is often called into question with the implication that by putting a trust in place, the motives for doing so, are driven by tax avoidance and the wish to be not transparent about the ownership of the assets.

Armstrong Watson appoints new Employment Tax Partner

A recognised industry expert has joined Armstrong Watson to head up its Employment Tax services.

Brian Rudkin joins Armstrong Watson from Johnston Carmichael where he was Director and Head of Employer Services.

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.

Sudden closure of HMRC self-assessment helpline could cause chaos

Alarmingly HMRC announced a major change to its self-assessment helpline just four days before it was due to take effect. It said on Thursday, 8 June 2023, it would be trialling a seasonal model for the helpline from Monday, 12 June 2023, which it claims, will enable its advisers to prioritise helping those with urgent queries.

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?

Are much-needed tax simplifications about to be announced?

It has been widely reported that the Chancellor, Jeremy Hunt, will unveil plans to simplify the tax system, but will we just see procedural tweaks or the major changes the system really needs? Head of Tax, Becky Bowness, and Senior Tax Partner, Jim Meakin, summarise their thoughts and outline the more radical changes they’d like to see...

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. 

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.