Don’t Leave the Future to Chance.
Partner Colin Frame shares some thoughts on Farm Succession Planning.
In simple terms when we talk about farm succession we mean the long term plan for the farming business. In practice it is difficult to cover all of the taxation and accounting issues surrounding succession in farming across the generations in one short article, but here goes . . .
As you will now know, the government announced a major revision to the MTD timetable. Digital record-keeping and reporting are to be voluntary for smaller businesses and compulsory reporting is deferred to April 2019 for VAT and April 2020 at the earliest for other taxes. From 1 April 2019, businesses with taxable turnover over the VAT threshold – currently, £85,000 – will have to keep their VAT records digitally and submit VAT returns digitally to HMRC.
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