The changes announced in the Autumn Budget are the largest change to the inheritance tax reliefs available to farms, businesses and rural landowners since 1992, when the top rate of relief for both agricultural property and business property were increased to 100% under John Major’s government. Now, it is estimated that over 4.8 million acres […]
A partnership agreement is an important consideration when two or more individuals or entities are in business together. Many agricultural businesses, particularly family farming businesses, are operated through a business partnership arrangement. The flexibility of a partnership arrangement can lend itself well to such businesses, where a limited company structure may not be suitable, potentially […]
The Labour Party has been elected with a promise not to raise taxes on ‘working people’. With a fiscal plan based on increasing tax revenue by over £8.5 billion a year by the end of the parliament (shown below), this leads to questions about where the extra tax will come from, and who is likely […]
Farmers can average their profits for tax purposes over two or five consecutive tax years provided certain conditions are met. If you’re a farmer with fluctuating profits and you choose to average, you could smooth out your tax and National Insurance payments. You may also save tax and National Insurance if you would otherwise be […]
Updated guidance regarding biodiversity net gain (BNG) was recently launched in England, providing further clarity for developers, as well as opportunities for farmers and landowners. The system is complex but requires developers to make a BNG of at least 10% within the red line of their development site, on other land that they own, or […]
There is sometimes a fine line between a vehicle being considered as a car for VAT purposes and one which is accepted by HMRC as a commercial vehicle. The implication from a VAT recovery perspective is that the opportunity to reclaim VAT on the purchase of a car is extremely limited when compared to the […]
Trademarks for food and drink – especially alcoholic drinks – have been around for decades. The first registered trademark in the UK is still in use and is nearly 150 years old, belonging to Bass & Co’s Pale Ale. What is a trademark? Trademarks are a form of intellectual asset that aim to prevent others […]
