Following the Chancellor’s recent budget, businesses in the hospitality sector will need to prepare as best they possibly can for the changes announced, many of which come into effect from April 2025.
Changes announced in the Autumn Budget present a number of challenges to business owners, ones which cannot be ignored and require some careful consideration and planning.
While the Autumn Budget 2024 will have come as a seismic shock to many farming businesses, it’s important to take the time to properly digest the announcements, take the appropriate advice, and consider the alternatives.
Even with the inflationary economic climate calming down, base interest rates remain relatively high and many businesses are experiencing rising costs. Cue the Budget 2024 and further costs pressures are set to come in 2025.
Selling or transferring agricultural land and farms can have significant tax implications, particularly concerning Capital Gains Tax (CGT) and Inheritance Tax (IHT). Given the changes announced in the Autumn Budget 2024, it is important to consider the current rates and the implication of future increases.
Holiday let owners are set to lose favourable tax reliefs from April 2025 meaning all property income (FHLs and residential properties) will be treated the same.
Expenses necessary to operate a farm are generally deductible business expenses, however it’s important to know what costs are allowable and those that are not.