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Filtered By Category: Agriculture

Mar 20 2020

The impact of COVID-19 on the agriculture sector

Categories: AgricultureCOVID-19

Our EQ Agriculture specialists are in constant communication with our clients and have been reviewing how the ever-changing environment is affecting agricultural businesses. We will do all we can to support our agriculture clients through this difficult period. The most immediate impact on the industry appears to be the lack of availability of seasonal labour more

Mar 16 2020

Opting to tax on development land sales

Categories: AgricultureTaxation

Tax planning surrounding the sale of land for development tends to be focused on minimising Capital Gains Tax, and rightly so as the amounts of tax at stake can be very significant. However proper consideration should also be given to VAT. It is probably best to start by explaining the default position. Normally sales of more

Jan 22 2020

Research & Development tax credits in the Agricultural Industry

Categories: AgricultureTaxation

Historically the majority of agricultural businesses operated as partnerships, however with many now trading as limited companies, they have potential to claim for Research & Development (R&D) tax credits. These tax credits are an established government-backed initiative, designed to encourage innovation and progression and in order to be eligible to make claim, you must be operating as more

Dec 18 2019

Farming Scotland Conference 2020 – ‘People. Product. Knowledge.’

Categories: Agriculture

We are delighted to confirm that the seventeenth annual Farming Scotland Conference will take place at Carnoustie Golf Hotel, Angus, on Thursday, 13 February 2020. The half day conference is once again sponsored and organised by EQ Chartered Accountants, Bell Ingram, the Royal Bank of Scotland and Thorntons Solicitors, and aims to bring together individuals from more

Oct 25 2019

State Pension – to claim or not to claim?

Categories: Agriculture

The average age of a UK farmer is now 59 and with changes to the State Pension regime, it may be time to consider how these may affect you. The full basic state pension is currently worth £8,767.20 a year and you can check when you are entitled to claim using the H M Revenue more

Sep 11 2019

Is your farm a hobby?

Categories: Agriculture

Golf, gardening and cake decoration are all popular hobbies and rightly so. In some circumstances HM Revenue & Customs can also regard farming as a ‘hobby’. The designation is not determined by scale but by whether a farming business makes a taxable profit before claims for capital allowances. If there are five consecutive years with more

Jul 26 2019

Basic Payment Early Loan Scheme

Categories: Agriculture

The Scottish Government has announced that they will again be offering an early Basic Payment loan scheme to eligible farmers. A loan of up to 95%, a 5% increase on the previous year, will be paid from early October. Farmers should expect to see the loan paperwork in the post from early September and they more