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Frustration over delays to lump sum BPS retirement scheme

Earlier this year, DEFRA announced it was planning to introduce a lump sum retirement scheme for farmers in England, which was due to open for applications next spring. More detail on the scheme rules was to be published by Autumn 2021 but we are still waiting for anything further causing frustration for those considering retirement. 

How will political and economic factors impact your farm tax bill?

As we rapidly approach the end of another year, it is customary to assess how a business has performed. This enables action to be taken before the accounting year-end to mitigate the tax bill, so there are no nasty surprises at a later date  - and this year there have been more fluctuations than normal, making predictions particularly difficult.  

‘Keep our farmers farming’ - conference calls for Government to support UK agriculture

Farmers, politicians and industry experts gathered on November 3 to hear from a line-up of several speakers. They discussed the future of farming and the challenges posed by the Government’s plans for agricultural transition away from EU-based rules and the Basic Payment Scheme, in tandem with the ambitious target to be Net Zero by 2050.

How does the Autumn Budget affect my farming business?

Following Rishi Sunak's Budget announcements, Keith Johnston analyses how they might impact farming businesses

Succession – ‘It’s about being honest and looking at it step by step’

For many, the subject of succession can be a difficult one to approach, but it doesn’t need to be. Ulverston farmer, Will Case, shares his story.

Proposed changes to accounting dates could leave some farmers facing higher tax bills

Agricultural Accountants, Armstrong Watson, is warning that farming businesses could see significant changes to the way they are taxed and may face higher tax bills than expected if a proposed reform is implemented.

Potato store tribunal highlights complexities of capital allowances for farmers

A recent tax tribunal concerning a potato store, emphasises the complexity involved when claiming tax relief on farm buildings.

Tax problems with farm cottages

It is commonplace for farming families to have a complicated property ownership history. This can result in a position where not everybody knows who owns a particular property and for family members to be living in houses owned by someone else. It worth then considering the tax consequences that can arise.

Protect your company’s financial stability in times of uncertainty

During the pandemic the Government has provided support in the form of loan schemes. Although these loans are underwritten by the Government, in the event of a business failure resulting from the demise of a director, the debt will be repaid from business assets, potentially putting the business under financial pressure...

Farming survey highlights focus is needed on planning for the future 

A number of potential risks to agricultural businesses have been highlighted in a recent survey by the Rural Agriculture Group (RAG UK).  

Armstrong Watson’s respondents, from across the north of England and Scotland who run livestock, dairy and arable farms, highlighted the future of subsidies among their top three challenges, which also included climate change and the environment as well as cashflow.