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.
The golden rule with most things in life, and management information being no exception, is that the quality of what you get out, is only ever as good as the quality you put in.
The SRA Account Rules were revised in 2019 but there are some common breaches we see. Sadie Archibald, Legal Sector Audit Team Assistant Manager, looks at how these breaches can be managed internally.
Armstrong Watson is delighted to announce the appointment of new Partner Craig Reid, who will head up the Accounting and Business Services team in Glasgow.