Reduced wheat production around the world has resulted in the surge in crop prices in the last quarter or so of 2021. This may continue to be the case in 2022 if the crisis in western Ukraine persists. I am beginning to see the increased crop prices impact as we are...
Many farms have diversified and operate additional commercial ventures, such as renting or introducing other business operations. There are often risks with the potential loss of taxation reliefs if different activities are undertaken and these should be considered in...
“The figures don’t lie” is an established mantra for us Accountants and might generally be the case for a set of accounts, but interpretation of farm accounts can be deceptive. I reviewed a set of limited company farm accounts recently. On the face of it, to the...
Many businesses run as partnerships, whereby a number of individuals will be involved in running the business. In this article, I am going to look at Partnership Agreements specifically for Farms. For farming partnerships, the following common factors will often...
Inheritance Tax is charged on the value of assets and two important reliefs are available in the form of Business Property Relief (BPR) and Agricultural Property Relief (APR) which provide an exemption at either 100% or 50% on qualifying assets. Business Property...
A favourite tried and trusted technique for Government in raising taxes is to forget to uplift a threshold. Given the effluxion of time and a dose of inflation (albeit the latter has less of an eroding effect in the modern era), more and more tax payers will move...
