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Just as important as an understanding of the total value of your estate when undertaking IHT planning, is an understanding of certain legalities. We thank Jeanette Dennis and Fenella Eddell of Ashtons Legal LLP for sharing their wisdom on farming partnership agreements with us. Whilst we have concentrated on partnership agreements, it should be noted…

Changes in Inheritance Tax relief due to be introduced from 6 April 2026, including a restriction in 100% Agricultural Property Relief (APR) and Business Property Relief (BPR) to £1m, will substantially increase the Inheritance Tax due for many farming families.   To implement planning to reduce the tax due requires a full assessment of the…

What Is a Farmhouse? There is no legal definition of a farmhouse. Generally, the farmhouse should be the property in which the farmer lives and the center on which the farm is managed.   Looking at the whole farm helps determine whether the agricultural land is the dominant feature and therefore if the house is…

Ahead of the upcoming 2025 Autumn Budget, which will take place on Wednesday 26th November 2025, we have been considering what taxes might change.   Frozen Tax Allowances The current freeze on income tax allowances, as well as Inheritance Tax nil rate bands, are currently scheduled to end in April 2028.   Over time wage…

If you have filed your 2024/25 tax return ahead of 31 August 2025, HMRC are now starting to send out the first batch of letters to those who need to comply with MTD from April 2026 based on what was entered on there tax return. If you have received a letter and are still unsure…

Planning Ahead in a Changing World As we write this edition of our Farming Newsletter we are still knee deep in Inheritance Tax (IHT) planning with our clients. There are many points to consider, and we dive straight into some IHT planning thoughts from one of our Corporate Tax Directors, Jeannette Hume. This is followed…

It’s National STEM Day today and what better time to share our Ely Team’s recent exhibition at the annual East Cambridgeshire Careers & Skills Fair 2025, held in the magnificent Ely Cathedral.   Budding future accountants from all of the local schools had a chance to learn about business and to see if accountancy is…

The Governments Making Tax Digital for Income Tax (MTD for IT) will finally begin from 6 April 2026, just 150 days away, when it becomes mandatory for landlords and the self-employed whose gross income is over £50,000 in the past tax year 2024/25, with the introduction of quarterly returns.   How Should You Be Getting…

At Whitings LLP we have many Trustee contacts that play such a vital role in the charities we act for and support.   Trustees play an essential role in the governance of charities, and have a strong personal commitment to the charity’s aims and objectives.   As part of Trustees’ Week, we want to take…

As charities face increasing demand and complexity, building strong, diverse, and resilient boards is essential, which makes the theme of this year’s Trustees’ week “Recruitment and retention” very fitting. As a starting point, always ensure to read the Governing document of your charity, to ensure the number of trustees doesn’t breach the rules, to check…