Farming partnership agreements. Having clear documentation that defines the conditions of the partnership is vital to protect all parties.
The Government has launched a consultation into the current rules around agricultural property relief from inheritance tax.
The Annual Tax on Enveloped Dwellings (ATED) which was introduced in 2013, states that all companies owning residential property worth more than £500,000 in the UK will face an extra tax burden.
With the end of the tax year growing closer, time is running out for farmers and farm managers to make sure their farm accounts are in order before submitting them to their accountant.
If you’re concerned about facing a crippling tax bill that essentially penalises you for being good at your job, you may be able to average them out over the past two or five years, to make your tax burden less bothersome.