Farmers averaging. The New era

We have been able to average taxable farming profits for individuals for many years. However, we are now dealing with the new rules for farmers averaging which apply for accounting years ending in the 2016/17 tax year and subsequent years. The new rules allow averaging to take place over five years or two years. Five-year […]

Landowners and compulsory purchase

Local Government is under pressure provide housing and improve local roads and transport schemes. Many landowners are facing the compulsory purchase orders and the compulsory acquisition of their property. Whilst compulsory purchase orders (CPOs) can result in significant cash payments they can also mean a high level of uncertainty. This is particularly true where the final route of […]

Is Incorporation still worth it?

Question: Two years ago our accountant encouraged us to transfer our farming business into a limited company – the aim being to reduce our tax bills. I am aware that companies pay lower tax rates and we have not paid any tax on the amounts we drew out of the company. However, I understand we […]

What does the new workplace pension scheme mean for farming businesses?

By now most of us will have seen the Government adverts for the new compulsory workplace pensions, but did you know that the new auto enrolment initiative covers businesses of all sizes and in every business sector? This means that if you employ even one individual on your farm, then Workplace Pensions will affect you. […]

Albert Goodman partnership wins significant agricultural property relief case for farming family

Leading South West chartered accountants and tax consultants, Albert Goodman, in partnership with law firm Clarke Wilmott, wins agricultural property relief (APR) case for client, who receives an inheritance tax repayment of approximately £140,000 plus interest.  The win overturns HM Revenue and Customs’ (HMRC) decision after two years of correspondence. Despite accepting HMRC’s argument at […]

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