Farming Group Newsletter: Issue 28

Planning, Change and Discovery

As I write this in late April, and you read it probably in June, last Christmas may feel like a dim and distant memory, but I invite you to cast your minds back. I remember receiving an email in my inbox from the CLA before the news even broke on mainstream media. IHT thresholds had been uplifted from £1 million to £2.5 million and there was confirmation of spousal transfer too.

Excellent news, for some. It does take many small family farms out of IHT which is great news but, of course, it didn’t help those that had already undertaken planning and given away control of assets. In the main, however, those latter clients have only accelerated what was likely to happen anyway, and they have started the 7 year IHT clock ticking for any gifts made.

Retirement Income Drawdown Planning & IHT

One thing which hasn’t changed is the bringing of pension pots into the IHT estate. Our colleagues at Whitings Wealth Management Ltd explain the changes and consider how taxes might be mitigated, or wealth can be redistributed.

VAT in the Farming Industry

Robert Smith then looks at something which farmers are likely to deal with daily – VAT! When it’s something you’re dealing with on a regular basis it’s easy to overlook things, but the key principals are important and unique. Look out for the common errors and pitfalls that he discusses in his article.

The Rise of Borage

Ben Kilby then takes another look at novel crops, this time focusing on borage. Are we about to see a change in the farming landscape and swathes of blue fields?

Company Accounts Changes

Another area of change to be mindful of for companies is the transformation of lease accounting rules. An accounting issue for some; a lending issue for others?

Out in the Field

Finally, I discuss our recent farm walk where members of our internal Whitings Farming Group got together away from their desks to experience a day out on the farm; a day that was thoroughly enjoyed by all. I hope you enjoy our newsletter.

Click here to read Issue 28 of our Farming Newsletter.

Get In Touch

For advice and guidance on the topics mentioned above, or farm accounting, tax and business advice, contact your local Whitings office or your usual Whitings contact.