Welcome to the July 2019 issue of Rural Business. Our articles include the following:
Inheritance tax changes possible following OTS report
Our first article is an overview of the Office of Tax Simplification’s report on the simplification of inheritance tax. The report looks to “address distortions in operation and scope of reliefs such as those for business and agricultural property”. We outline the recommendations. Read more
Generous tax reliefs for progressive farming businesses
We look at how progressive farming businesses can benefit from generous corporation tax credits for qualifying research and development. Many rural businesses are unaware of the types of activities that could qualify. Read more
Changes to Private Residence Relief on the cards
Our next article is an overview of potential changes to Private Residence Relief (PRR), set to apply from April 2020. Read more
Accommodation benefit and minimum wage pitfalls for employers
We also look at accommodation benefit and National Minimum Wage, and the issues and pitfalls that rural employers need to consider. Read more
How to deal with an HMRC enquiry into your tax return
We have put together some practical tips for those worried about or facing an enquiry into their tax return. We also highlight the different tax treatments of ‘repair’ and ‘improvement’ – and the pitfalls of getting this wrong. Read more
Capital gains tax and compulsory purchase
Compulsory purchase can result in a significant payment to a landowner, but it can also lead to tax issues and disruption to their business. Our article highlights some of the key points. Read more
VAT and the installation of energy saving materials
Our final article is on a change to the reduced rate of VAT due on the installation of energy saving materials. The change will apply from October, so there may still be time to benefit from the reduced rate. Read more
I hope that you find this issue interesting and informative, Do feel free to contact me if you have questions relating to any of these issues.
David Chismon, Editor
