The Insolvency Service has recently published statistics for the fourth quarter of 2022. Creditors’ voluntary liquidations (CVLs) were the most common company insolvency procedure (85% of cases), followed by compulsory liquidations (9% of cases), administrations (6% of cases) and company voluntary arrangements (CVAs; 1% of cases).
If you are considering selling part or all of your farming business you may be able to pay less Capital Gains Tax (CGT) if you qualify for Business Asset Disposal Relief (BADR).
The calculation of Stamp Duty Land Tax (SDLT) when buying additional farm property can be extremely complicated and where the purchase includes a residential property a number of issues can arise.
Company insolvencies in England and Wales reached a 13-year high in 2022. This was 57% more than in 2021 and was largely driven by record numbers of Creditor Voluntary Liquidations (CVLs), accounting for 85% of all company insolvencies last year.
The changes may result in significant tax balances through the transitional period, so it pays to plan ahead and be prepared for the change. To ‘fail to plan’ is to ‘plan to fail’!
Despite UK house prices stabilising at the start of 2023 – after significant monthly falls in November and December last year - estate agents are continuing to face challenges.