Latest Agriculture

A number of measures contained in October’s budget were designed to increase investment made by UK businesses and aimed at raising the UK’s international competitiveness. Farmers anticipating expenditure on new commercial buildings or a large outlay on machinery, may find Chancellor Hammond’s changes both interesting and useful.   Let’s look first at the Structures and…

The government has announced an increase in the Annual Investment Allowance (AIA) to £1 million in relation to qualifying expenditure incurred from 1 January 2019. Since 1 January 2016 the AIA limit has been £200,000.  It may be worth deferring planned significant capital expenditure as, I am sure you will agree, the additional £800,000 relief…

As of 18 July 2018, HMRC has issued a list of software suppliers supporting Making Tax Digital for VAT. Amongst the list is Farmplan, the only agricultural software supplier. Farmplan has met the criteria HMRC have stipulated for Beta testing. It shows that Farmplan is committed to providing software that is compatible for MTD for…

Although we hear of decline in the value of development land, particularly for larger developments, growing houses continues to be more attractive to many than growing crops. Onerous Section 102 levies may apply but the tax regime remains gentle. It should not however be assumed that tax reliefs will be available automatically. Legislation imposes qualifying…

  With numerous businesses currently being forced to sell property under compulsory purchase orders (COP’s), a little known tax rule may be of assistance in enabling you to diversify your investment in your trade into a buy-let-investment without incurring any tax: HMRC guidance HS292 Business asset rollover relief is a long established rule which allows…

  The decision has recently been published in a European Court of Justice case, Shields and Sons Partnership v the Commissioners for HM Revenue & Customs. The case revolved around the authority of HMRC to remove the partnership from the VAT flat rate scheme for farmers. It is reported that the partnership had benefited over…

  We have recently become aware of an announcement in October 2017 by the Rural Payments Agency regarding Active Farmers Accountant Certificates. This concerns farmers who are in receipt of payments from the Basic Payment Scheme (BPS) 2017 and follows a European Union audit requiring the Rural Payments Agency to check the active farmer status…

Entries are now open for the Fenland Enterprise Business Awards 2017. With 12 awards up for grabs local companies have the chance to be recognised for their success as well as celebrate their achievements in 2016-17. Whiting & Partners is continuing its support for this important annual event in 2016 by sponsoring the Business of…

Once again we held our annual Farming Seminar, on the morning of Wednesday 26th April at the Maltings in Ely. Graham Redman and Michael Haverty of The Andersons Centre once again updated us on the state of UK agriculture. Graham and Michael provided some interesting DEFRA statistics with an overview of how each segment of the agricultural…

Invitation: Prospects for UK Agriculture. Once again agriculture is facing many changes and challenges. In order for us all to try and understand the many factors affecting us we have again engaged Andersons, the Farm Business Consultants, to present to us their “Prospects for UK Agriculture” Seminar, on Wednesday 26 April 2017. We are pleased,…