Farmers and landowners who lose land under a Compulsory Purchase Order for a new road scheme have many things to consider, including Capital Gains Tax, and legal or valuation issues.
Trusts have become something of a political football in recent years and their use is often called into question with the implication that by putting a trust in place, the motives for doing so, are driven by tax avoidance and the wish to be not transparent about the ownership of the assets.
Alarmingly HMRC announced a major change to its self-assessment helpline just four days before it was due to take effect. It said on Thursday, 8 June 2023, it would be trialling a seasonal model for the helpline from Monday, 12 June 2023, which it claims, will enable its advisers to prioritise helping those with urgent queries.
The shortage of affordable properties in many rural areas, means more farming businesses are looking at building new properties or converting buildings to provide accommodation for family members or workers. But what about the VAT issues that can arise?
Income Tax on student earnings, funding your children through university or purchasing a student house are three tax planning points of which you should be aware if your children are heading off to university or already undertaking their studies.
It has been widely reported that the Chancellor, Jeremy Hunt, will unveil plans to simplify the tax system, but will we just see procedural tweaks or the major changes the system really needs? Head of Tax, Becky Bowness, and Senior Tax Partner, Jim Meakin, summarise their thoughts and outline the more radical changes they’d like to see...
When buying farm machinery on hire purchase, care needs to be taken with the timing. Once the asset is brought into use for the purposes of the trade, you are treated as having incurred all the capital expenditure even though you will be paying off the finance over several years.