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How can farmers use trusts to mitigate the impact of IHT changes?

In light of changes to Inheritance Tax reliefs, trusts have emerged as a viable strategy to manage and protect assets while potentially reducing tax liabilities.

Further measures to close the tax gap

HMRC has confirmed additional compliance staff will focus on tackling non-compliance amongst small businesses. What can businesses do to prepare in the increasing likelihood of a tax investigation? 

Inheritance Tax: Business Property Relief Important Changes

There has been much media attention on the impact of proposed Inheritance Tax (IHT) changes on the farming community but it is important to emphasise that these changes will affect not only farmers, but all businesses including sole traders, partnerships and companies.

Mandatory payrolling of Benefits in Kind delayed

From April 2027, most taxable BIKs (including taxable expenses) provided to employees and directors will need to be reported to HMRC via weekly or monthly payroll returns instead of on a P11D return at the end of the tax year.

New Pillar 2 filing requirements for large businesses

Businesses with a global turnover of €750m or more could have additional registration and filing requirements in the UK – irrespective of the size of their UK presence.

Compulsory purchase of land and Capital Gains Tax

Farmers and landowners who lose land under a Compulsory Purchase Order for a new road scheme have many things to consider, including Capital Gains Tax, and legal or valuation issues. 

Furnished holiday letting – changes to tax

From the 6 April 2025, the tax treatment of Furnished Holiday Lets (FHL) changed. Income from these properties is now treated the same as other residential lets.

This is expected to impact 127,000 holiday let owners across the country.

Package of tax measures aimed at simplifying our tax system, but what does it mean for taxpayers?

The Government has announced a package of measures that will impact businesses and individuals across the UK. The various changes will apply to different sized businesses and their operations and it is important to understand the impact they will have.

Experienced corporate tax adviser takes up Partner role with Armstrong Watson in Manchester

Armstrong Watson is delighted to announced the appointment of Tax Partner Tania Dimitrovich, who will lead and grow the firm's tax practice in Manchester. 

10 tax changes starting in April 2025

The Chancellor focused on spending cuts in the 2025 Spring Statement rather than raising taxes, but a string of previously announced changes to tax legislation are set to come into play from April.