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Beware of these Inheritance Tax pitfalls

There are many cases where HM Revenue and Customs (HMRC) have argued that part of a farming business is chargeable to Inheritance Tax (IHT). It is dangerous to assume that 100% Agricultural Property Relief (APR) or Business Property Relief (BPR) will apply to every asset in a modern farming business.

The key here is to look at the differences between APR and BPR:

Autumn AgriMatters 2019 out now!

Welcome to our quarterly AgriMatters newsletter covering topical issues affecting farmers and the agriculture sector.

Included in this Autumn 201i9 issue is a guest article from Neil Wilson, former Head of Agriculture at HSBC with tips on how to deal with lenders in these challenging times, articles on the potential Inheritance tax changes and tax issues to be aware of if land is subject to Compulsory Purchase; plus guidance on how to understand your cashflow.

Inheritance tax – are you a farmer?

I am regularly asked how closely HM Revenue & Customs look at farming businesses when claims for Agricultural Property Relief (APR) or Business Property Relief (BPR) are made. A recent case heard by the First Tier Tax Tribunal involving a farmer in Lancashire gives the answer.

Thomas Gill had been a farmer all his life until he died in 2013 at the age of 79. The first point to note is that it has taken six years for Mr Gill’s Executors to sort out the amount of IHT, and it is possible that the case may still be appealed to a higher court.

UK Agriculture Industry - Planning for the Unknown

UK Agriculture businesses need to understand their business in preparation for the impact following Brexit 

Understanding your Cash Flow and Tax Payments

What is cash flow and tax planning, and why is it important for farming businesses to understand?

Armstrong Watson Takes on Record Number of New Trainees

Armstrong Watson Accountants, Business and Financial Advisers has taken on a record number of new starters, with the appointment of 11 chartered accountancy trainees and 20 trainees studying AAT/ATT across 5 of the firms offices in Glasgow, Carlisle, Northallerton, Skipton and Leeds.

Problems with VAT Direct Debit Payments

With the holiday season in full flow, it’s very easy to understand how the attention of businesses in the Hospitality sector is rightly focused towards guests, from quick turnarounds on accommodation changeover days to making sure quality and supply of food and beverages meet the ever increasing standards of the UK holiday maker.

Have you reviewed your costings process recently?

Accurately knowing your costings is an essential part of running a successful business, particularly if you’re looking to make significant changes and grow. However, sometimes the need to make changes in your business also requires the need to change the way those costings are worked out too.

We recently assisted a long standing Manufacturing client with exactly this issue. The method they were using for costing their production of parts for the engineering industry was old fashioned and no longer fit for purpose.

Inheritance Tax - is your business ready?

Passing a Holiday Park on to the next generation is very attractive to owners, However, on death, if the Park is deemed to be an investment entity and not that of a trading one, the taxman could take a chunky 40% of the park’s value through Inheritance Tax (I.H.T).

Staycation Boom for Holiday Parks

Holiday Parks see a surg in occupancy levels and record sales of new caravans and lodges off the park - what are the key drivers for this boom?