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Beware of these Inheritance Tax pitfalls

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

The key here is to look at the differences between APR and BPR:

An Inspector Calls - a visit from ‘The VATman’

Back in the dim and distant past I remember leaving school and joining H M Customs and Excise as a trainee VAT officer.  I was appointed to the wilds of South West Scotland and given a plastic brief case with ‘ER’ emblazoned across it to visit VAT registered businesses and check their returns.  Back in those early days there was a deep suspicion and fear around VAT that often translated into a hostile atmosphere during inspections.

New SRA Accounts Rules come into force from 25th November 2019

At first glance, most law firms may have thought that continuing to apply the existing principles will be acceptable to comply, however, there are certain specific changes that require further consideration.  There has been some further guidance issued by the SRA, but the lack of detail in the rules means that complacency regarding the changes may result in breaches by your practice 

All references are to the new rules unless stated otherwise.

Chartered Status and proud of it!

Armstrong Watson Financial Planning & Wealth Management has held the Chartered status for nearly a decade.

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.

Inheritance tax – are you a farmer?

I am regularly asked how closely HM Revenue & Customs look at farming businesses when claims for Agricultural Property Relief (APR) or Business Property Relief (BPR) are made. A recent case heard by the First Tier Tax Tribunal involving a farmer in Lancashire gives the answer.

Thomas Gill had been a farmer all his life until he died in 2013 at the age of 79. The first point to note is that it has taken six years for Mr Gill’s Executors to sort out the amount of IHT, and it is possible that the case may still be appealed to a higher court.

Changes to IR35 – how will it Impact the supply chain?

The intended changes to IR35 in the private sector have been a big topic of conversation over the past few months, which we have covered extensively at Armstrong Watson.  Whilst HMRC’s main aim is to combat tax avoidance, the impact on sectors using contractors is expected to be wide-ranging, from the top of the supply chain, down to the bottom, and we will attempt to cover the main aspects here.

Important Changes to Directors' Statutory Responsibilities and for Auditors of UK Companies – Going Concern

With the many recent corporate collapses and scandals such as Thomas Cook, BHS, Carillion, Patisserie Valerie, Conviviality, Rolls-Royce, BT, Mitie Group, Sports Direct, Ted Baker, Quindell, to name just a few of the high profile ones, it is little wonder that political pressure is beginning to come to bear on UK Business and the UK Accounting Profession.

This has, as a result, seen the finger being pointed at two parties; The Directors of Companies and The Auditors that audit those companies and are meant to provide assurance to shareholders, investors and the banks.

The impact of changes to IR35 – Closing your Personal Service Company

following new IR35 rules in April 2020, PSC may become redundant as a consequence - so how do you close or dissolve your company effectively