Blog Kelso : Rennie Welch

Blog

29 Jan 2019

Inheritance Tax under HMRC spotlight

Many farmers are concerned over the political landscape surrounding Inheritance Tax (IHT) reliefs and the possibility that the current favourable situation may change.

28 Sep 2018

Inheritance Tax relief on Furnished Holiday Lets - a glimmer of hope?

Properties let as furnished holiday accommodation can receive privileged tax treatment when compared to residential lettings. If certain qualifying conditions are met the activity can be treated as a trade for Income Tax and Capital Gains Tax (CGT) purposes.

13 Sep 2018

Farming Succession

One of the most challenging aspects of running a successful farming business is ensuring continuity over the generations. As part of a succession plan it is important to look at the ownership of the farm.

20 Dec 2017

When is a van not a van?

For an ordinary person standing at a busy roadside it would appear that most vehicles can be quite readily distinguished as being cars or vans. The clear cut cases are the obvious passenger vehicles, or a box style of van intended to carry goods. In the world of tax there is a however a huge distinction in treatment, with classification between the two becoming increasingly troublesome and a potentially large tax cost for getting it wrong.

04 Aug 2017

Inheritance Tax relief on Furnished Holiday Lets - a diminishing possibility?

It is widely appreciated that properties let as furnished holiday accommodation receive privileged tax treatment in comparison with residential lettings.

15 Mar 2017

Owner managed company 'dividend tax' bills looming

Shareholders of owner managed companies should bear in mind the imminent arrival of new ‘dividend tax’ liabilities, the first of which will become payable through the Self Assessment system on 31st January 2018.

11 Nov 2016

Capital Allowances

Capital allowances are an important method of tax relief both for the farming business, where expenditure on plant, equipment, machinery and properties can be significant, and for rental properties that are operated as furnished holiday lets.

11 Nov 2016

Farmers' Averaging

Due to the volatility of the faming industry, farming profits can vary significantly from one year to the next.

11 Nov 2016

VAT Deregistration

If you close your business down and deregister for VAT, you make a deemed supply of the goods you have on hand.

16 Sep 2016

Making Tax Digital (MTD)

The 2015 Budget announced the “death of the annual tax return” with a new digital system to be introduced by 2020.

12 Sep 2016

R&D tax funding – don’t miss out

If you asked the average business whether they carry out research and development (R&D) activities, most would respond to say they don’t.

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