September 2020
Welcome to the September issue of Rural Business.
Many estates and rural businesses will feel like the ‘challenges’ are coming at them from every possible direction at present. Given all of these challenges, it is vitally important to maintain focus on basic business compliance.
One new challenge is a change to capital gains tax reporting when residential property is disposed of. Businesses owners now have just 30 days to report, and because reporting now happens online, taxpayers will need to factor in time to set up a Government Gateway registration, if they haven’t already done so.
Our second article considers how some businesses could be facing a significant cash flow crisis after taking advantage of the various government support schemes such as tax holidays, deferral measures and loan schemes. Businesses will need to carefully plan for the early part of 2021 when the deferred amounts subsequently become payable.
Our final article looks at the APPG’s recommendations for IHT reform and outlines some of the ways taxpayers can mitigate their IHT exposure.
I hope that you find this issue interesting and informative. Should you wish to discuss any of the issues raised in this newsletter, please contact me or your usual Saffery Champness partner.
David Chismon, Editor
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