Succession Planning – To help facilitate this challenging but vital conversation, we have produced our summary of what succession planning involves, to help guide farming families through the process.
Farmers whose business operates as a limited company have just eight months remaining to take advantage of the ‘super capital allowance’ that provides 130% tax relief on major purchases of plant and machinery.
Businesses take years to build up with the owners spending the best part of their lives ensuring they are successful. But what happens when it is time to retire? An obvious solution is to pass on the company to family, but care should be taken to avoid a considerable tax bill.