Land, of any sort, is difficult to value. As accountants we are often required to value assets of one sort or another, and various tools have been developed to do so. However, none of these tools is particularly helpful when we look at agricultural land. Rental yield, when you take out some management costs, is miniscule, and there are many uncertainties, of which Brexit is only one.Read More
We have seen some unusual political times over the last few years and these have produced uncertainties for the many small businesses that are the lifeblood of the UK economy. I have written recently about Making Tax Digital (MTD) and how this would have a significant impact for these small businesses, including those with rented properties.Read More
On 11 July, the Taylor report, an independent review of modern working practices, was released. This review considers the implications of new forms of work on worker rights and responsibilities, as well as on employer freedoms and obligations. It sets out seven principles to address the challenges facing the UK labour market.Read More
Following the end of election purdah restrictions, the Education and Skills Funding Agency (ESFA) has issued its annual revision to the Academies Accounts Direction (AAD) 2016 to 2017, which will determine the format of accounts prepared by Academy Trusts for the year to 31 August 2017.
The changes noticed by most trusts will be limited, but there are additional disclosures and clarifications for trusts with specific circumstances.Read More
Communication with the outside world has never been more important. Making sure you successfully communicate what you are doing and the difference you make to your beneficiaries can mean the difference between future funding being awarded or not. You should communicate not just how funds are spent, but the impact it has, that is, the public benefit you deliver.Read More
The Criminal Finances Act has introduced a new corporate criminal offence of ‘failure to prevent the facilitation of tax evasion’. The offence is expected to be enforceable from September 2017.
Although this new offence doesn’t change the existing laws on tax evasion or the facilitation of tax evasion, it does make it easier to prosecute companies or partnerships (relevant bodies).Read More
You may have heard that the Government recently announced a new timetable for Making Tax Digital (MTD).
Originally, the start date for many businesses was April 2018, however, they will now not be asked to keep digital records, or update HMRC quarterly, until at least 2020. This applies to all taxes except VAT.Read More
Most landowners know exactly what the family owns, including the finer details of boundaries, tenancies and history. However, they may be less clear about exactly who owns which property and what’s on the business balance sheet. It’s not uncommon for someone to think they own land when in fact it’s still held in the names of grandparents’ executors, or for them to think it’s owned jointly with a spouse when that’s not the case.Read More
The annual government report on agriculture has recently been issued. At 110 pages it is not easy reading, but it certainly sheds light on an industry which we, as accountants, normally only observe on a piecemeal basis.
Five interesting things
The average age of farmers rose from 56 to 59 between 2000 and 2013.Read More
Recently the Solicitors Regulation Authority (SRA) released a consultation on the new rule book and code of conduct, which currently sit at over 430 pages combined. The consultation closed on 30 September 2016.
In June 2017, the SRA released the outcome of the consultation together with their take on the comments received.