Rural Business – July 2019

17 Jul 2019

Wood

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

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