Farming, Diversification & Renewables (ICAS)

Overview

This course is an update and refresher on the taxation of farming in the UK and a review of the major tax issues likely to be important to farmers and their professional advisers. It will cover:

• What is farming?
• Business structures
• Loss relief issues
• Capital allowances
• Tax issues associated with diversification
• Will diversification affect APR and BPR?
• The tax aspects of developing on-farm renewables.

Who is this for?

Partners and staff in professional firms dealing with the compliance and planning aspects of the taxation of farming businesses in the UK on a regular basis.

What you will learn

• The nature of farming and farm diversification – is it still farming?
• Business structures and incorporation issues
• The taxation of EU farm payments
• Loss relief issues – recent case review
• Capital Allowances
• CGT and IHT issues – ER, BPR and APR
• VAT issues, including the Flat Rate Farmers’ scheme, output tax liability and input tax recovery
• Impact of farm diversification – do we have a new trade?
• Capital tax aspects of diversification
• Renewables and tax implications