Making Tax Digital for Income Tax
Sole-trading farm businesses that earn more than £50,000 per annum have less than a year to plan for the next round of Making Tax Digital (MTD). Making Tax Digital for Income Tax is set to go live on 6 April 2026, and will affect all sole-traders and landlords with a...
Farming grants available
According to DEFRA, several grants are available this year and were due to open for applications in the spring. The main funds include: Accelerating Development of Practices and Technologies (ADOPT) This fund opened on 28 April and is providing £20.6m in grants for...
Furnished Holiday Lets update
We’ve featured Furnished Holiday Lets (FHL) a number of times over recent years as they have proved popular with farmers looking to diversify their income. However, with changes to the tax regime now enacted, they’re likely to become significantly less popular. Until...
Farm diversification and tax – mind the pitfalls
They were supposed to give six weeks’ notice. In the end, the government didn’t even offer six seconds’ notice to close the 2025 SFI scheme to new entrants, effectively locking thousands of farms out of environmental support payments. And with the dust nowhere near...
Autumn Budget 2024 – Full Summary
Chancellor Rachel Reeves delivered her Budget on 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’.