It is dangerous to assume that 100% Agricultural Property Relief (APR) or Business Property Relief (BPR) will apply to every asset that is passed on in a modern farming business. There are many cases where HMRC has argued that part of a farming business is chargeable to Inheritance Tax (IHT).
The Farm Safety Foundation, also known as Yellow Wellies, exists to support the physical and mental wellbeing of the UK’s farmers. Stephanie Berkeley explains that poor mental health is one of the biggest hidden problems facing the industry but there is help out there.
Employers have a legal responsibility to pay anyone aged 23 or over at least the National Living Wage, and to pay anyone younger at least the National Minimum Wage (NMW), the amount of which varies depending on age and employment status.
Car dealerships across the UK are being targeted, and subsequently investigated, for suspected tax evasion. Here are some steps you can take to help mitigate the impact of an HMRC enquiry.
In order to avoid HMRC penalties it is important to record expenses and claim VAT correctly for your farm business. Genuine mistakes do happen but there are some things to bear in mind that will help minimise the chance of triggering an inspection.
As a business owner, you've likely experienced the daily grind of running your enterprise – dealing with operations, managing employees and handling countless tasks that seem to keep you busy from sunrise to sunset. While these day-to-day responsibilities are essential for keeping the wheels turning, they can sometimes distract you from the bigger picture.