Insights

If COVID-19 has affected your company and you need more time to file your accounts at Companies House, you can apply for an extension.

During uncertain times it’s essential that business owners can keep track of their business’s financial performance in order to instil stability and minimise disruption.

There’s no doubt about it, the COVID-19 pandemic is deeply concerning for everyone. And it is everyone! Other than World Wars, it’s difficult to think of anything which has or ever will affect so many of us across the world simultaneously. 

It was announced yesterday evening that the IR35 reforms, due to be brought in next month, will be deferred for a year. These reforms related to medium and large businesses that engage workers through intermediaries (typically personal service companies). IR35 reforms will now be deferred until 6 April 2021.

Following the release of the Budget (11 March 2020) the main headline that had business owners and professionals within M&A waiting with baited breath, finally hit.

After decades of watching Budget presentations which ended with a the “sting in the tail” one almost felt that Rishi Sunak must have lost the back page of his speech whilst on the way to the despatch box.

This afternoon, Rishi Sanuk, the Chancellor of the Exchequer delivered his first Budget. There was lots on insightful content, of which our tax experts will give their thoughts on tomorrow during our budget Review Webinar, but I wanted to highlight an announcement that affects the medical sector about the annual allowance threshold. 

The changes to IR35 from 6 April 2020 will have widespread application across many industries, including the automotive sector. The affected industries are those that rely on engaging temporary workers either directly or via agencies.

The many businesses who started submitting quarterly VAT returns from 1 April 2019 are approaching the first anniversary of Making Tax Digital for VAT. You’ve no doubt got to grips with the process now.

On Wednesday 11 March 2020, Rishi Sunak will deliver his first Budget for the new Boris Johnson Conservative Government. This will be the first Budget since Philip Hammond’s on 29 October 2018 and as usual, the rumour mill has swung into action over what will be included.

If farmers collaborate, such as sharing land, or reduce their activity as they grow older, is their farmhouse eligible for Agricultural Property Relief (APR)? A recent farmhouse case may provide the answer.

The All-Party Parliamentary Group for Inheritance & Intergenerational Fairness recently issued a report suggesting a far-reaching reform of inheritance tax (IHT). These reforms are likely to have an impact on the tax affairs of most UK individuals and trusts.

Following the issue of a consultation paper on proposed changes to the legislation governing agricultural tenancies in April 2019, the Government has taken the opportunity of incorporating some (but by no means all) of the recommended reforms into Schedule 3 of the Agriculture Bill. 

As the UK leaves the EU and enters a transitional period, we also move a step closer to being able to rewrite VAT exemptions and reliefs without having to follow overarching EU VAT legislation.

There’s a common misconception that where land has the prospect of planning gain, some or all of that gain may be sheltered by a transfer to a third party, even towards the end of the process. 

The question of tax relief on farmers’ grain stores has puzzled practitioners for some years. The structures and buildings allowance may now be available for new buildings, but relief is limited to 2% a year. Agriculture plant and machinery allowances can provide up to 100% tax relief within the annual investment allowance, but buildings generally are not eligible.

We’ve been seeing a lot of negative press around the IR35 reforms, most recently with yesterday’s announcement that the House of Lords Finance Bill Sub-Committee has started an inquiry into off-payroll working rules. Many commentators are suggesting that the reforms should be delayed if not scrapped completely.

Following the introduction of the new Solicitors’ Accounts Rules (SAR) on 25 November 2019, there have been concerns about the requirement of law firms to comply with SAR Rule 10, which covers the operation of a client’s own account.

In our recent blog we looked at some of the ways farmers could diversify, such as property rental, tourism activities or contract or organic farming.

This blog will explain some of the possible tax implications of these common diversification methods.

Running a shoot can be very enjoyable, although it does come with a number of pressures. Making sure that there’s enough healthy game and praying for the right weather conditions are just a couple of worries, and then there are the financial commitments, such as the Minimum Wage for casual beaters on shoots.

An Information Memorandum is a document shared with parties interested in buying your business. Typically, these parties have already signed a confidentiality agreement, and this is the first time that the identity of your business is revealed.

Now that Primary Care Networks (PCN) have been up and running for several months, I’m writing a series of blogs around this topic. Part 1: The Clinical Director.

When writing last month’s blog, the political world was in a state of flux. I was looking forward to Sajid Javid’s Budget, an orderly Brexit and everything being rosy. At the time of writing, the Labour party has just published its manifesto and the Conservative manifesto is due to be published over the weekend.

A new round of Rural Development Programme for England (RDPE) grants was announced on 4 November.

Tax considerations can be vital in a business sale. The ability to structure a sale on a tax-efficient basis is central to maximising shareholder value. A review of the position in advance of marketing a business for sale may identify opportunities which can be capitalised on or risks which can be dealt with.

When you make payments on behalf of your customers, for goods or services received and used by them, you might be able to treat these payments as ‘disbursements’ for VAT purposes. 

Falling foul of the National Minimum Wage and Living Wage rules is all too easy, and for most employers, it’s an innocent oversight that will catch them out.

Land, of any sort, is difficult to value. As accountants, we often have to value assets of one sort or another, and there are various tools that we can use to do so. However, none of these tools is particularly helpful when we look at farmland.

Last week, Laurie Hill looked at how New Zealand farmers pushed through a period of harsh economic set-backs in the 1980s to become a world leader in agriculture exports. Now he discusses whether UK farming can learn any lessons from that New Zealand experience.

We all know the feeling of being in a business meeting we couldn’t see any benefit in attending. We’re stuck in a loop of people discussing (or arguing) their side of the story. All structure has gone out of the window and the only bright side is the offering of biscuits, presumably to give a sugar boost to get everybody through safely to the end!