Rural Insight. Spring 2021

Rural. Spring 2021

What does the Spring Budget mean for you and your business?

06

Financial experts, fuelling ambition

Is your tax as low as it could be?

Phasing out of direct payments

Development land - an update

12 - 13

18 - 19

24 - 25

Welcome

“Specialist farming accountancy, tax and financial planning services” enquiries@om.uk

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Rural. Spring 2021

Welcome

in one form or another, notably from the furlough scheme and business rates cut.

Given that only 10% of all companies are expected to face that full increase, it remains to be seen whether this will reduce the UK’s competitiveness in our new post-Brexit position on the world stage.

The Chancellor’s Budget announcements were a sobering reminder of the state of our national finances as a result of the pandemic. Three particular aspects hit home during the speech; the scale of the challenge that our economy faces due to COVID-19, the measures already put in place over the last year to deal with the immediate pandemic impact and the ambition within the Budget announcements themselves.

Much of the commentary at the turn of the year was about certain tax rate changes, with increases to Capital Gains Tax hotly tipped as an example. However, the weeks leading up to the Budget announcements, characterised by positivity over the vaccine rollout and the ‘Routemap’ announced by Boris Johnson in late February, gave rise to greater optimism that raising taxes would only be part of the solution.

It is obvious that the Chancellor needs spending and investment to increase at unprecedented levels, not only to release the estimated £100 billion of monies saved by individuals over the last year, but also via an increase in investment by businesses, and infrastructure spending on a grand scale by the Government, capitalising on historically low interest rates.

In the end that was the clear message from the Budget statement. Whilst it fully acknowledged that our national borrowing remains at a high and unsustainable level, simply raising taxes will not solve the problem alone. The notable tax increase comes in the form of Corporation Tax which is planned to rise to a top rate of 25% from 2023 onwards. This was hotly tipped before the Budget and most observers would say such an increase is reasonable given the level of support that businesses have received during the pandemic

While that tax rate change will affect a good number of farmers and rural businesses, the most striking announcement came in the form of the ‘super deduction’ against tax from capital investment by companies for two years starting in April 2021. Again, an example of the Chancellor’s push to kick start spending to get the economy going again.

As ever, the devil is in the detail but in this case, the Chancellor may have chosen to hold back the detail and leave it to another day. That day is set to be 23 March when a separate series of announcements and papers will be released on the so called ‘Tax Day’. This will see the Government publish a range of tax consultations which would normally be included in the Budget statement itself, focused on developing the Government’s 10 year tax strategy to ‘create a tax system fit for the challenges and opportunity of the 21st Century’.

After the investment incentives, tax breaks and general positivity of the Budget statement itself, will we see more concerning changes to areas such as capital gains or inheritance taxes which could have far wider ramifications for farmers and rural businesses? We will certainly review this carefully and publish further details on our website and regular email updates.

We hope you find this special Budget update of interest and hopefully the Budget announcements will give a good fiscal platform to those many farming and rural businesses who are looking to push on and develop their businesses in a postBrexit world.

Above all, after such a challenging last 12 months, we hope that the arrival of spring will hold a much more positive 2021 for your business and your family.

Andrew Vickery Head of Rural

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Contents

Your Old Mill Contacts Rural accountants and advisers

Rural tax & VAT specialists

Andrew Vickery 01935 709321 andrew.vickery@om.uk

Catherine Vickery 01749 335035 catherine.vickery@om.uk

Richard Haines 01225 701225 richard.haines@om.uk

Laura Wylie 01225 701244 laura.wylie@om.uk

Neil Cox 01935 709447 neil.cox@om.uk

David Shearer 01392 351302 david.shearer@om.uk

Martin Taylor 01935 709339 martin.taylor@om.uk

Zoe Chandler 01225 701246 zoe.chandler@om.uk

Paul Neate 01225 701224 paul.neate@om.uk

Marianne Hawksworth 01935 709316 marianne.hawksworth@om.uk

Phil Kirkpatrick 01392 351306 philip.kirkpatrick@om.uk Rebecca Partridge 01935 709426 rebecca.partridge@om.uk Dan Heal 01935 709449 daniel.heal@om.uk Oliver Bond 01392 351337 oliver.bond@om.uk

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Rural financial planners Stuart Coombe 01392 351301 stuart.coombe@om.uk Julia Banwell 01749 335048 julia.banwell@om.uk

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Digital Services Wayne Bastian wayne.bastian@om.uk

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Rural. Spring 2021

Contents 06 What does the Spring

20 Supplier payments –

Budget mean for you and your business?

30

08 The Spring Budget

make your life easier!

22

– A personal income review

10 12 14

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18

Ten key financial points for farmers in 2021

24 Development land – Pensions and the Budget

an update

26 Is your tax as low as it could be?

Guest spot: The environment – a new opportunity for farming Are you prepared if renewable opportunities come your way?

28

Brexit – a new way of working for UK businesses

30 Structuring your milk vending business

31 Phasing out of direct payments

Guest Spot: Nuptial Agreements: Essential financial planning for all, not just the unromantic

Key financial dates you should plan for in 2021

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5

What does the Spring Budget mean for you and your business?

What does the Spring Budget mean for you and your business?

It was no surprise that pandemic support measures were front and centre of the March Spring Budget, with the Chancellor promising to continue to do ‘whatever it takes’ for a swift and sustained recovery. But what were the finer details impacting the farming and agricultural sector.

Limited Companies The key announcement from a Corporation Tax point of view is that the main rate of Corporation Tax will increase to 25% from 1 April 2023. Whilst a rise of 6% from 19% where we are at present does not sound too significant, the reality is an increase in headline tax liabilities of 31.6%. This means if we compare on a like for like basis with our current year the tax liability changes as follows:

Profit Tax Rate Tax Due

2021

2023

£250,000

£250,000

19% £47,500

25% £62,500

This significant rate increase will therefore mean in the above example that the company will have £15,000 less to look at repaying debt, investing in capital expenditure, or withdrawing profits for the shareholders.

Smaller companies with profits of under £50,000 will continue to pay at the 19% Corporation Tax rate with a marginal rate adjustment for profits between £50,000 and £250,000.

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The flipside to this is the announcement of the ‘super deduction’ at 130% for the next two years, being 2021 and 2022. This effectively is an enhanced capital allowance with no higher cap and has been introduced to encourage investment, and agricultural businesses tend to need significant levels of investment in new kit to keep them operating profitably. The result of this is that for every £100,000 invested in plant and machinery and qualifying expenditure in buildings you will receive a reduction in tax of £24,700. The Government’s logic behind this seems to be that by encouraging business investment over the next couple of years, businesses will become that bit more profitable to be able to fund the increased Corporation Tax liabilities that will be introduced in 2023. But whilst the super deduction sounds exceptionally attractive (indeed we had clients calling us straight after the announcement to ask when they should start spending the money!) it is worth bearing in mind that when the super deduction is no longer available, the reduction in tax due to spending that same £100,000 on a tractor in 2023 will be £25,000 – therefore almost identical!

The key principle here is to look at timings of purchasing new equipment very carefully and indeed for a company it’s very likely that you will be better off delaying the purchase of any new kit until after 31 March 2021.

The other main announcement alongside the change in rate and super deduction is the enhanced loss rules. This will allow companies to carry back losses not only to the prior year but also the two years before that. The combination of these three principle rule changes mean that one size doesn’t fit all but looking carefully at that combination could

Rural. Spring 2021

give significant tax savings when considering the timing of your capital expenditure.

Partnerships and Sole Traders Whilst partnerships and sole traders don’t get the benefit of a super deduction the main rates of Income Tax have not changed. However, they do get the benefit of the extended loss rules which means any losses incurred in the year ending 5 April 2021 and 5 April 2022 can potentially be carried back three years. This could release large amounts of previously paid tax providing a significant cash flow benefit to the business.

Whilst companies do get the benefit of the super deduction whereas sole traders and partnerships do not, this will undoubtedly trigger a lot of questions over whether now is the right time to incorporate your business. Whilst the short-term benefits from the super deduction can look very attractive, the 25% rate of tax will prove a deterrent for many.

In many circumstances incorporation may well be the right way forward, but this needs to be carefully analysed on a case-by-case basis. A big factor in whether incorporation will be right often comes down to whether profits will be retained within the business possibly to reinvest or to repay debt or potentially extracted for personal use by the shareholders.

As from 1 October 2021, the VAT applicable rate to these supplies will then change to 12.5% – a newly introduced interim VAT rate – which will continue up to and including 31 March 2022. The VAT rate is then planned to increase back to the standard rate (currently 20%) from 1 April 2022. This will apply to holiday accommodation, tent and caravan holiday pitch fees as well as on site catering and take-away.

Farmers and landowners now seemingly have a prime opportunity to invest in their business and receive beneficial tax relief. And with no mention of changes to Inheritance or Capital Gains Tax, now looks to be an opportune time to review business plans. As with all opportunities, the devil will lie in the detail and we advise you consult with your Old Mill adviser to assess what is best for your business and your family.

Catherine Vickery 01749 335035 catherine.vickery@om.uk

Value Added Tax If you operate a hospitality or tourism business alongside the farming enterprise the current (temporary) reduced VAT rate (5% VAT) applicable to specified supplies in the hospitality sector is to continue up to and including 30 September 2021.

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The Spring Budget – A personal income review

The Spring Budget – A personal income review As has been the case over the last few years the Budget held little surprise, given various leaks to newspapers and media outlets over the past week or so. The upshot of this is that from a personal finance perspective there were no major surprises and it was a case of avoiding more punitive tax changes, even if this turns out to be a temporary reprieve.

The main Budget points related to supporting the economy and the Chancellor stuck to the Conservative election manifesto promise not to increase the rates of Income Tax, National Insurance and VAT. There were some tweaks to allowances in this Budget but there is little doubt that, at some stage, the UK needs to have a plan for raising more tax. There is a raft of consultations due at the end of this month which may give an indication of what some of those measures may be in due course.

Much of the Budget detail is hidden away in the publications issued once the Chancellor has sat down, and we will continue to pour over the detail and communicate changes that will affect our rural clients. In the interim we have detailed the key announcements relevant from a personal tax and investing perspective.

Whilst the headline is that there are no increases (yet) to the rate of Capital Gains, Income or Inheritance Tax, the fact that various allowances are being frozen is a ‘stealth tax’ and will adversely affect all taxpayers to some degree or another.

No one can predict the future, but we can say with certainty that there will be lots more changes to tax rates and benefits in the years to come. Many of us worry about this uncertainty and the future but with a bit of forward planning you can stack the odds in your favour.

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Savings and Investments Individual Savings Accounts Individual Savings Account (ISA) annual subscription limit – The adult ISA annual subscription limit for 2021-22 will remain unchanged at £20,000.

Junior ISA and Child Trust Fund annual subscription limit – The annual subscription limit for Junior ISAs and Child Trust Funds for 2021-22 will remain unchanged at £9,000.

Green gilts and retail savings product In November 2020, the Chancellor announced the Government’s intention to issue its inaugural green gilt in 2021. The Budget announces further details, including that the first issue will be in the summer, with a further issuance to follow later in 2021.

The Government will offer a green retail savings product through NS&I in the summer of 2021. This product will be closely linked to the UK’s sovereign green bond framework and will give all UK savers the opportunity to take part in the collective effort to tackle climate change, benefiting from the innovative reporting standards planned for the green gilt programme. No further details or potential rates have been disclosed at this stage.

Tax allowances and rate bands •

The tax-personal allowance and basic rate band for Income Tax will continue with announced increases from April 2021 to £12,570 and £50,270 respectively as previously announced. These will then be frozen at these amounts until April 2026

• National Insurance Contributions Primary Threshold will increase from April 2021 to £9,568 and the Upper Earnings limit will rise to £50,270. The Upper Earnings limit is in line with the Income Tax higher rate band and will be frozen until

Rural. Spring 2021

2026, but other thresholds will continue to be considered each year

• Inheritance Tax Nil Rate Band to be frozen at £325,000 and the Residence Nil Rate Band frozen at £175,000 per person until April 2026 • Capital Gains Tax Annual Exemption to be frozen at £12,300 for individuals and up to £6,150 for Trusts until April 2026 • Pensions Lifetime Allowance to be maintained at its current level of £1,073,100 until April 2026.

Residential Property • Stamp Duty Land Tax (SDLT) extension - The Government will extend the temporary increase in the residential SDLT Nil Rate Band to £500,000 until 30 June 2021. From 1 July 2021, the Nil Rate Band will reduce to £250,000 until 30 September 2021, when it will then be reduced further to £125,000 on 1 October 2021 • 30 Day Reporting – with the extension of the SDLT holiday and the new mortgage guarantee scheme, this will help to keep the property market moving. As a result, it is important to bear in mind the 30-day reporting for the sale of residential properties that was introduced in April 2020. To give an overview of this, a return is required to be submitted and the Capital Gains Tax liability paid within 30 days of completion

• Mortgage guarantee scheme – As of April 2021, the Government are introducing a new mortgage guarantee scheme. The scheme provides a guarantee to lenders across the UK who offer mortgages to individuals with a deposit of just 5% (for homes with a value of up to £600,000). These low deposit mortgages will help first time buyers to get onto the property ladder.

Tax Administration • HMRC is to reform the penalties for late submission and late payment of tax for VAT and Self Assessment. This will likely be via a points based system, which is set to effect VAT taxpayers from 1 April 2022, Self Assessment for the selfemployed or landlords with over £10,000 of income per year from 6 April 2023, and other Self Assessment taxpayers from 6 April 2024 • The Government will invest over £100 million in a Taxpayer Protection Taskforce of 1,265 HMRC staff to combat fraud within COVID-19 support packages, including the Coronavirus Job Retention Scheme (CJRS) and the SelfEmployed Income Support Scheme (SEISS) • The Government is looking to strengthen existing antiavoidance regimes and tighten the rules designed to tackle promoters and enablers of tax avoidance schemes.

Summary Planning around various tax issues will continue to be an important part of the planning that we undertake for our clients, ensuring you pay the right amount of tax and structuring your affairs to be as efficient as possible.

Our aim at Old Mill is to help you focus on longer-term planning, putting you in the best possible position to ensure that any changes to your personal circumstances or financial changes such as those in the Budget are taken into account at an early stage.

If you have any questions about how the Budget affects you personally, please get in touch.

Stuart Coombe 01392 351301 stuart.coombe@om.uk

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Pensions and the Budget

Pensions and the Budget The Budget was reasonably kind to those who are able to make meaningful contributions to their pension funds as, once again, pension contributions have escaped significant changes in the Budget.

The Annual Allowance (the amount you can pay in) remains at £40,000, together with the ability to bring forward unused allowances from previous years.

This is excellent news as it is possible to obtain up to 60% Income Tax relief on your pension contributions (where your income subject to tax relief is in the £100,000 to £125,000 area), 45% relief (where your income subject to tax relief is over £150,000), 40% relief for higher rate taxpayers (where your income is over £50,270) and 20% relief for basic rate taxpayers.

Finally, don’t forget pension contributions can also assist with effectively reducing ‘income’ for Child Benefit and Child Tax Benefit purposes, assisting those with an income above the £50,000 threshold to reduce it such that they qualify to retain their benefit payments.

We may still see changes on 23 March (when the consultations are published) and so those that want to make contributions should consider maximising the amount they pay in for this tax year and next tax year.

Turning now to the Pensions Lifetime Allowance, it was confirmed that this would be maintained at its current level of £1,073,100 until April 2026.

In the past, the Lifetime Allowance (LTA) has been progressively reduced from £1.8 million over the years. The reduced rate of £1 million was finally starting to creep up again with inflation and so a freezing of this allowance will have an impact over time. For example, if the LTA had continued to be uplifted with inflation it would be worth around £1.2 million by April 2026 - a difference of

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approximately £135,000. The reduced allowance in turn reduces the available tax free cash sum, based on these figures by £33,750, as well as lifting many clients, particularly those who have invested over a number of years, into the Lifetime Allowance Charge.

For those with larger funds some protection may be available and so do speak to your Old Mill planner if you are affected.

Tax efficient gifting using pensions While the primary reason for gifting will often not be for tax reasons, it is nevertheless possible to structure gifts in a tax efficient way.

For example, it is possible to make pension contributions to someone else’s pension and they will receive tax relief at their marginal rate. So, if your child is a higher rate taxpayer, you could make a gift of £2,880 into their pension and tax relief of £720 will be added. They will then be able to claim a further £720 through their Self Assessment tax return.

Your gift of £2,880 will be worth £4,320 in the hands of the recipient (your gift plus tax relief sums).

While making gifts into an investment that cannot be accessed until retirement will not be for everyone, the fact that the recipient cannot immediately access the money may be desirable.

There are limits on the maximum amount that can be paid into pensions so you should take advice before making third party pension contributions.

Julia Banwell 01749 335048 julia.banwell@om.uk

Rural. Spring 2021

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Is your tax as low as it could be?

“If you’re in a position where you don’t quite understand what tax you have paid, what it’s based on and why you have paid it, please take this opportunity to understand this better.”

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Rural.

Rural.

Edition Spring 1, 2021 2019

Is your tax as low as it could be?

Many of you will have just paid personal or business tax liabilities in January. In such strange and troubling times, the certainty of paying tax for many will not have gone away, and in some respects those that do have tax liabilities might be thankful that they’re in a position to still be paying tax, given the impact of the pandemic on many businesses over the last year.

and whether tax allowances from that investment have been fully factored into their tax planning. For businesses investing in plant and machinery or fixtures and fittings qualifying for capital allowances, the tax reliefs remain generous with up to £1 million of qualifying expenditure being able to be written off against profits for another full calendar year to 31 December 2021.

However, a clear understanding of your own and your business’s tax position is always important and, as ever, the devil is in the detail. For many farming businesses, the tax liabilities paid in January 2021 will stem from the profits made in the 2019/20 year, for instance those with 31 March 2020 year ends.

If you’re in a position where you don’t quite understand what tax you have paid, what it’s based on and why you have paid it, please take this opportunity to understand this better. Not only will this help identify any potential tax that might be reclaimed by you or your business, but also give a better starting point to understand what options there might be to manage or mitigate tax liabilities in the future.

While the impact of the pandemic had started to be felt by the end of that trading year, most of the impact will come in the current 2020/21 year and there are therefore some important questions that taxpayers should consider when understanding their tax position.

Firstly, has your business been impacted by the pandemic and might you expect lower profits in this current year as a result?

If that is the case, then have you factored that into the tax you have paid in January? A key point here is whether your tax payments included ‘payments on account’ towards your current year tax liability. If your tax liability is likely to be lower then there may be scope to reduce those tax payments and recover some tax now rather than leaving it with HMRC to recover later. For some that could give a much-needed boost to cash flow if things are tight.

In particular, those rural businesses with hospitality or accommodation enterprises ought to consider this point although the beneficial impact of the various COVID support schemes together with cost savings while business has been reduced or temporarily closed will also need factoring in.

It’s vital that businesses understand how their trading structure impacts their tax status and whether that structure is still the right one for their business. Many farming businesses have grown significantly in recent years and the structure that in some cases has been used by previous generations may now not be fit for purpose.

If you would like to discuss any of these points, either to gain a better understanding or simply to get a second opinion on tax matters generally, please get in touch.

We are here to support all of those in farming and rural communities through these challenging times to hopefully see their businesses continue and thrive well into the future.

Andrew Vickery 01935 709321 andrew.vickery@om.uk

Rural businesses have been impacted financially by the pandemic in many ways and indeed some will be finding their profits rising as a result of better trading, for instance businesses making direct sales to the public during lockdown. In some cases, we have seen businesses taking advantage of opportunities that lockdown has provided by carrying out new investment. Again, those businesses ought to consider whether they have paid the right amount of tax

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Guest Spot: The environment – a new opportunity for farming

Guest Spot: The environment – a new opportunity for farming UK agriculture is on the brink of a period of great change. The Government has now published the level of BPS reduction, that it will implement for English farms and for most this will reduce the support received through BPS by approximately 50%, within the next three - four years.

Farmers and landowners now need to consider whether or not attracting environmental support, might be a way to recover some of this lost income. Historically, environmental schemes have often been seen as an ‘add-on’ to the main farming enterprise – but could it become a key enterprise with a change in mindset?

There is significant frustration at this point, because the new Environmental Land Management Schemes, although much discussed, are very short on detail and possibly still two - three years away.

In the interim though, anyone not currently in an environmental scheme, should consider the Mid-Tier Stewardship Scheme. Application packs for this scheme, became available on the 9 February 2021. www.gov.uk/government/collections/ countryside-stewardship.

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Turning back to the ELM Scheme options, there are likely to be three choices: A base level scheme called the Sustainable Farming Initiative, which should be available to all land managers who currently receive BPS payments. It is anticipated that this scheme will be available for 2022 (in a basic format), with more information to be published by the Government in June 2021.

The next level will be known as Local Nature Recovery, focused on local priorities but this will not be available until 2024 and will almost certainly require collaboration between a number of farmers, in order to attract the funding.

The highest-level scheme will be known as Landscape Recovery, and

again this will not start until 2024, but could well involve significant land use changes, such as re-wilding and large scale tree planting, if it were deemed to benefit the environment.

Given these schemes are some way off, what should farmers and landowners be thinking about today? a. Mid-Tier / ELMs Apply for a Mid-Tier Countryside Stewardship Scheme today, to bridge the funding gap between the declining BPS and the start of any ELMs initiatives. b. Biodiversity Think about establishing some baseline data for the farm, to establish what environmental features are there today.

Rural.

Edition 1, 2021 Rural.

Spring

c. Productivity

d. Carbon Capture

Take a serious look at farm productivity, across the whole farm and on a field-by-field basis. How much poor land does the holding have that is currently being farmed at a loss or will be when the BPS is withdrawn?

Begin to think about allocating these areas to environmental management.

Many farms could end up producing less food but become more profitable due to environmental income and savings in fixed and variable costs.

There is a significant amount of bad press about farming and emissions, but little good press about farming’s ability to capture carbon. This must be a great opportunity for the industry and establishing baseline data for carbon capture, soil organic matter and identifying opportunities for woodland creation, in such a way that they can be monetised, has to be worth reviewing. There are numerous carbon footprint calculators, but one that has been promoted by AHDB, is The Farm Carbon Calculator and it would be good for all farmers to understand their current carbon status.

With a change of mindset – could environmental schemes be used to benefit future enterprises? For example, by improving the landscape surrounding new ‘people’ enterprises on farm such as tourism ventures.

What is clear is that we all need to take the environment much more seriously and that the environment as an enterprise in its own right could become one of the biggest changes for English farms. The key will be to ensure that you do not miss out on this opportunity.

Mike Houghton – Andersons 07836 707 096 mhoughton@andersons.co.uk http://andersonsmidlands.co.uk/

https://calculator.farmcarbontoolkit. org.uk/

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Are you prepared if renewable opportunities come your way?

Whether this will be small on-farm renewables to support existing businesses or large-scale sites is yet to be determined, however one area we have seen significant renewed interest is in large-scale solar (usually upwards of 40 acres).

Many of our landowning clients are being contacted by developers, who are looking to enter into an option agreement with the landowner, whereby if planning and grid connection are successful, then a 30-50 year lease is usually signed, with typical rents northwards of £850 per acre rents (usually with inflationary increases as well).

These agreements can be and are very attractive to landowners as they can provide substantial long-term

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returns, with very little financial risk.

However, specialist advice should always be sought before signing any agreement to ensure the landowner is protected from any unscrupulous developers.

Not only should you be seeking legal advice but given the substantial level of financial return and the value of assets occupied by the lease, you should be taking specialist tax advice.

Otherwise, what might have looked like the deal of a lifetime, could well turn out to be more problematic than first thought.

Take Income Tax for example. Is it going to be 20%, 40% or 45% of this revenue which you will be handing over to HMRC each year? Do you know?

Have you thought about this?

“One area we have seen significant renewed interest is in large-scale solar.”

Rural. Spring 2021

Are you prepared if renewable opportunities come your way?

With the Government looking to produce greener energy, there will no doubt be opportunities for farmers and landowners to diversify into renewable energy production in the future.

But you might be philosophical about this and even if a 40%/45% taxpayer, you might be happy with the remaining 55%/60% you get to keep after the taxman takes his cut.

Well, that’s fine, but what about the dreaded Inheritance Tax? Not only will the value of your land subject to this lease increase in value, but chances are it will no longer qualify for Inheritance Tax reliefs. Would you be happy for HMRC to swoop in and ask for a cheque equivalent to 40% of the land value? I suspect not.

And there’s more to consider, given the relative size of these sites, often taking up a large proportion of the original farm, not only might you have a significant Inheritance Tax liability on

the leased land itself, but it could also impact the availability of tax reliefs on the rest of the farm.

One example of this, is whether you have enough of a farm (and farming activity) left, for the farmhouse to be deemed ‘Character Appropriate’ to the farm. If not, you might not be able to claim Agricultural Property Relief against the farmhouse and potentially end up paying 40% of the farmhouse value to HMRC as well.

All I want is for you to take the necessary specialist tax advice, such that you can make an informed decision for the future.

Phil Kirkpatrick 01392 351306 philip.kirkpatrick@om.uk

It should be noted that I’m not trying to put people off entering into these agreements. Quite the contrary, these agreements can be a great diversification and the financial rewards can open numerous options to the farm and the family.

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Phasing out of direct payments

Phasing out of direct payments Further to the release of the ‘Path to Sustainable Farming: An Agricultural Transition Plan 2021’ in November 2020, farmers and landowners are now able to appreciate and understand the significance of the phased reduction in Basic Payment Scheme (BPS) direct payments with DEFRA phasing them out gradually from this year (2021) to 2027.

Basic Payment Scheme (BPS) projected payments Lower limit

Upper limit

Typical farm example payment

Expected payment

Estimated reduction

30,000

£

30,000

50,000

45,000

42,000

3,000

35,250

9,750

28,500

16,500 23,250

21,750

50,000

£

>150,000

150,000

100,000

160,000

£

52,500

86,500

£

13,500

71,500

£

28,500

56,500

£

43,500

41,500

£

58,500

£

144,000

134,000

26,000

110,000

50,000

86,000

74,000

62,000

98,000 £

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24,200

248,000

Rural. Spring 2021

“Understand the reduction to your BPS payment and the implications of this on your cash and business.”

The headline here is that by 2024, whatever BPS income you used to receive will be at least halved. This represents a major decline in income for a considerable proportion of farmers and a major responsibility for DEFRA to produce the anticipated replacement grants and opportunities as soon as possible so that farmers can plan how to replace the lost income.

If you haven’t already done so, please do take the time to review the graph to the left and what it means for your BPS payments, your profitability, cash flow and ultimately your businesses outlook over the next few years.

Everybody who claims BPS will be affected by these changes. Farmers and landowners who are in receipt of the higher tiers of BPS payments will be hardest hit and will likely need to take immediate action with reduction rates ranging from 10%-25% being introduced as early as December 2021.

We recommend that consideration is taken as early as possible to understand how/if the void will or can be filled; together with communication with stakeholders, such as bank managers, about the impact on the business.

What should I do next?

• The first step is to acknowledge that the financial support structure for agriculture is changing and that you and your business will need to adapt with it • Understand the reduction to your BPS payment and the implications of this on your cash and business • Review your outgoings and consider expenses and investments carefully alongside forecasted cash flow based on the reduced support.

If you haven’t already, start to understand the environmental opportunities for you and your farm so that when grants/subsidies become available you will be ready to apply

that investment, utilisation of the Farming Investment Fund and options to collaborate with other farmers may be beneficial in order to successfully navigate the upcoming changes.

Old Mill will work with farmers and rural businesses to prepare them for this, speak to your Old Mill adviser if you want to start the conversation now.

Rebecca Partridge 01935 709426 rebecca.partridge@om.uk

• Ask the right questions now. Get in touch early with your agents and advisers.

Without doubt, losing Basic Payment income will affect profitability for farming businesses. Farmers will need to review aspects of their business in preparation for this, including their cost of production and efficiency, and consider entering new markets to continue to be profitable. It’s expected

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Supplier payments – make your life easier!

Supplier payments – make your life easier!

Are you fed up with manually inputting invoices into Xero? Having paper copies of invoices stored around the house? Manually typing supplier payment details into your bank account? Or is your farm secretary spending too long on these manual jobs and not enough time helping you run your business?

in this space are Dext and Lightyear, both seamlessly integrate with your cloud accounting software making posting to Xero even easier. Although more expensive, Lightyear also comes with an in-built approval system meaning you no longer have to physically write your approval on every invoice you receive.

We know that these problems exist and cost you time and money.

However, there is a solution out there

Utilising BACs runs to pay suppliers (TransferWise or Telleroo)

and we’re going to run you through it…

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Uploading supplier invoices into Xero using AI (Dext formerly Receipt Bank or Lightyear)

Wouldn’t it be great if there was a piece of software out there that would take our supplier information from Xero and automatically replicate this in the bank, meaning that you didn’t have to type it in? Well now there is!

We all know about OCR technology.

This is the software that reads our number plates as we pass through a speed camera or is picked up by the police on the side of the road.

However, did you know that we can now use a very similar technology to read all the details on your supplier invoices? This means that there is no need to sit there and manually type supplier invoice details into Xero. We can get a system to do this for us.

• No farm secretary – when you go to pay your suppliers you can opt to pay using TransferWise. Then, all you have to do is transfer one amount from your bank account and TransferWise will split this out to the relevant suppliers using the information from Xero. This eliminates the need for you to manually type any information into your bank account except for one transaction

The two leading pieces of software

• Farm secretary – if you have a farm secretary you probably just want to

approve a BACs run and then know it will be paid automatically. Telleroo, will allow your farm secretary to create BACs runs using a similar method to the one above, and then you can review the list. Once you’re happy it is correct then it is good to go. Your payment will go out of your bank account on the date specified by you.

Easy!

Both pieces of software cost money (although, via Old Mill Dext could be free if you have less than 40 supplier invoices a month). However, think of the time they will save and what else you can do with it. Perhaps you can spend more time with the kids, enjoy a proper sit-down meal or even have more time to think about business strategy. Are these benefits not worth the small extra outlay per month?

If you’re interested in any of the above, then feel free to contact us and we can explain them in more detail.

Wayne Bastian wayne.bastian@om.uk

Rural. Spring 2021

“Wouldn’t it be great if there was a piece of software out there that would take our supplier information from Xero and automatically replicate this in the bank, meaning that you didn’t have to type it in? Well now there is!”

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Ten key financial points for farmers in 2021

“To aid your understanding of the business, use the current climate as a driver to improve the management information you have on the business.”

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Rural. Spring 2021

Ten key financial points for farmers in 2021 Our rural accountants have come up with some tips for farmers and rural businesses to preserve their financial stability over the coming months: 1. Understand your financial position

6. Tax Credits

Do you know what your cash flow looks like for the next 12 18 months? Even if you think you’re sure of this, test yourself and ask, for instance, what will happen when your Basic Payment is reduced this year.

If business profits have fallen or are expected to do so, there may be support available in terms of Tax Credits, particularly for those with younger children.

2. Communicate with your bank Consider speaking to your bank manager at an early stage, banks will, quite rightly, expect some indication of how long that extra facility is needed for, ideally supported by cash flow forecasts and some assessment of the business’ ongoing profitability, including up to date accounts.

3. Agree credit terms with suppliers Affordable credit terms may aid your cash flow; therefore, it might be worth getting in touch with your suppliers to negotiate affordable terms. In many cases suppliers will have prepared for this and will be happy to agree payment plans to secure ongoing business from their customers.

4. Better management information To aid your understanding of the business, use the current climate as a driver to improve the management information you have on the business.

5. Look over the hedge…

With better management information comes a great opportunity to benchmark your business’ performance against others in its sector. Discussion groups and consultancy firms provide this opportunity, and many businesses that have successfully cut their costs of production over the years have done so by regularly benchmarking their results to identify areas for improvement.

7. Educational support Likewise, if profitability has reduced and cash is tight, consider speaking to educational providers, for instance school bursars or university/college offices to see if there are any ways they can assist, such as bursaries or grants.

8. Take a holiday!

Many businesses will have loans which are structured on a repayment basis. Banks will understand cash flow difficulties at present and in many cases will be happy to agree a ‘repayment holiday’ for the capital element of loan payments.

9. Can you use your pension fund?

For those with funds sat in their pensions, there may be an opportunity to release these to provide extra funds to support the business.

10. Can you reduce your tax bills?

Work with your accountant to reduce and/or defer tax liabilities as far as possible. This could range from simple options such as reducing July/January payments on account if this current year’s profits are expected to be lower, to more fundamental changes such as altering your business structure to reduce any level of income taxed at the high rates.

Neil Cox 01935 709447 neil.cox@om.uk

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Development land - an update

Development land – an update Here we consider some of the issues for landowners in the current climate, following the impact of the last 12 months on the economy and specifically the property development sector.

Fewer Option and Promotion Agreements

received the full consideration by the time the CGT becomes payable.

The take-up of agreements between developers/promoters and landowners has slowed, with a focus on building out existing projects to boost cash reserves.

For example, the Sales Price is agreed at £5 million in 2020/21 with completion set for 31 March 2021. It’s agreed the payments will be made as follows:

Longer payment periods

On completion £2 million

To further ease the developer’s cash flow position, they’re likely to seek agreement to a longer payment period to pay out the Sales Price. The landowner must bear in mind that they will be assessed to Capital Gains Tax (CGT) based on the full Sales Price in the year that contracts are exchanged for sale, yet will not have

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1st Deferred Payment on 31.03.22 £1 million 2nd Deferred Payment on 31.03.23 £1 million 3rd Deferred Payment on 31.03.24 £1 million

The CGT will be due January 2022.

Even if Business Asset Disposal Relief is claimed, the liability on £5 million could still be as much as £900,000.

Whilst the payment on completion appears to be sufficient to cover the CGT, you will need to take into account any other deductions, such as the Promoter’s Fee and other related cost reimbursements where a Promotion Agreement exists, as well as legal and agent fees.

An alternative option may be to sell the land in tranches so that the CGT liability only arises when each parcel of land is sold. However, there are also potential down sides to this, such as HMRC applying the transactions in

Rural. Spring 2021

“It’s important that your tax adviser is involved throughout the negotiations to ensure there is no adverse tax impact.” land legislation and seeking to tax some of the gain to Income Tax. It’s therefore important that your tax adviser is involved throughout the negotiations to ensure there is no adverse tax impact.

Sustainable Living Landowners interested in smaller scale residential development for letting could look to use environmentally friendly materials and

energy sources with the main benefits coming from lower maintenance materials and reduced energy bills.

And finally…

A welcome announcement in this month’s Budget is the Stamp Duty Land Tax (SDLT) ‘holiday’ (the increase in the 0% band, 3% on second homes, to £500,000) and its extension to the end of June 2021. The 0% band will reduce to £250,000 for transactions

between 1 July 2021 and 30 September 2021, thereafter reverting to the original £125,000 level. This is a great boost for the recovering housing market and those struggling to complete on their purchase by 31 March.

Laura Wylie 01225 701244 laura.wylie@om.uk

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Guest Spot: Nuptial Agreements: Essential financial planning for all, not just the unromantic

Guest Spot: Nuptial Agreements: Essential financial planning for all, not just the unromantic Thinking ahead as to what might happen to your finances should you marry and then divorce may be the least romantic idea you’ve ever had. But it could also be the most sensible, possibly saving you money and heartache in the future.

Whether you own a property, business or farm; whether you are part of a family business, expect to inherit in the future, or are an entrepreneur; or whether you are a parent and are concerned about protecting assets, then a nuptial agreement could potentially assist in any or a combination of these circumstances

Finances on divorce: a minefield Should the unthinkable happen, and a marriage fail, navigating a financial settlement on divorce can be daunting; there is a lot to consider and the law is complex. If the parties cannot reach an agreement between themselves, it may be that a court application is required, which, given the wide discretion of individual judges, means a particular outcome cannot be guaranteed. Such a path can be expensive, not to mention the potential toll on the parties’ emotional health.

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Globally, the courts in England and Wales are well known for facilitating generous outcomes for financially weaker spouses. This is understandably not what a divorcing individual wants to hear if they have brought in considerable resources to a marriage or have been material in generating wealth themselves. Whilst it is important that a fair outcome is achieved, and both parties’ needs, and the needs of any minor children are met in every case, there should be consideration when assessing fairness as to whether assets can and should be protected or ringfenced.

Advanced planning Whilst it may seem cold-hearted, the earlier that an individual, couple or family consider how a potential divorce might affect their finances the better. There will be time to plan and to deal with the matter effectively and sensitively. Discussing a pre or

post nuptial agreement should be a collaborative process and both parties must feel happy with the outcome. Ultimately it can provide both parties with protection and certainty and is not just one-sided.

For example, it may be that one party is a partner in a farming partnership, and their family wants to protect the family farm. They may be worried about asking their spouse to be to sign an agreement. However, if the spouse themselves has assets of their own, for example, runs their own limited company and owns a rental property, then they are also likely to want an agreement for their own protection.

What is a nuptial agreement?

A prenuptial agreement is a formal agreement between spouses prior to a marriage setting out how a financial settlement on a future divorce should be dealt with, often

Rural. Spring 2021

ringfencing assets. Such agreements are not currently fully binding but are increasingly given significant weight and are regularly relied upon provided they are entered into freely and are considered fair. In order to be respected by the courts, the parties must both give full financial disclosure, each take independent legal advice, and the agreement must provide for the reasonable financial needs of the financially weaker spouse and any children. In addition, the agreement should be signed at least 28 days before the wedding.

A postnuptial agreement is essentially the same as a prenup but is entered into by a married couple after the wedding. This can either be soon after, if there was insufficient time to deal with the matter in advance, or alternatively later in a relationship where one of the parties is considering separation.

How does a nuptial agreement assist?

Whilst a nuptial agreement will not 100% guarantee an outcome, it is likely to be influential at the very least. The agreement is likely to make provision for the financially weaker party so that they are able to meet their needs without recourse to separately owned or ringfenced property, for example, a share in a business or family farming partnership, or future inheritance, as well as property or land held in one party’s sole name. This means that these separate assets can be preserved wherever possible. It is important, however, that legal advice is taken in order to consider the individual circumstances of each case and for the best protection to be put in place at the most appropriate time.

Lizzie Smith Lizzie Smith is a Senior Associate in Clarke Willmott’s Family Team.

She is widely experienced in all areas of private family law and regularly acts for farming clients and business owners.

She is a member of Resolution, the association of family lawyers committed to resolving disputes without conflict and is an accredited specialist in complex financial cases and international matters.

She can be contacted on lizzie.smith@clarkewillmott.com or 0345 209 1822 www.clarkewillmott.com

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Brexit – a new way of working for UK businesses

Brexit – a new way of working for UK businesses The UK is officially no longer in the EU in so far as trade and related indirect tax matters are concerned.

There have been almost daily reminders over the past few months of the various difficulties facing UK businesses, especially in and trade with Northern Ireland. At the forefront, stand our agricultural and farming sectors.

In this article, we outline some of the key international import and export VAT and customs points arising and which are of pertinence to the rural sector, whether farming or trading in the food or the agri services sector (providing agricultural farm equipment, machinery and vehicles). This is intended to provide a summary of matters which need to be taken into account when looking to trade with EU based customers; buy from EU based suppliers and when thinking of cash flow and ease of movement of goods around these indirect tax aspects.

www.gov.uk/eori There are no changes in relation to the way in which UK sellers trade in goods with rest of world (ROW) customers or suppliers. However, there are VAT and customs duty changes for UK – EU trade.

What has changed?

Exports

EU sales of goods are now exports. Purchases of goods from EU suppliers are imports. Apart from the name change, certain procedures when moving goods out or into the UK have changed, primarily the need to pay import VAT and customs duty. VAT accounting procedures have changed for EU imports.

EU sales of goods are now categorised as exports which means additional paperwork may be required to move goods across to EU customers.

Economic Operators Registration and Identification number (EORI) Any business looking to trade abroad and dealing in goods rather than services must hold an EORI number. This was already the case when selling or buying with businesses outside the EU. Now that the UK is also outside the EU, and so considered a rest of world (ROW) customer or supplier by

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EU trade counterparts (with the exception of Northern Ireland as it’s still regarded as part of the EU in some instances), an EORI is now needed for EU buying and selling. Not having an EORI will otherwise delay movements of the goods between the UK and the EU. Even if you only occasionally trade with the EU, our advice is to obtain an EORI now, so that you are ready when the time comes. HMRC should turn this round within three working days, often much more quickly, unless they have any queries.

Exports are zero rated when the goods leave the UK within three months of sale or collection by a customer. Invoices and commercial documentation must show both the customers’ EU VAT number – and this must be correct for the country to which the goods are transported – and their EORI number - where the customer is responsible for the importation of the goods. This includes showing these on any invoices issued. Proof of movement from the UK to the country in which the customer is VAT registered must still be held.

If your business still owns the goods as they reach the EU

Rural. Spring 2021

If VAT is paid under duty deferment or faster payments arrangements, only import VAT is claimed and customs import VAT certificates (C79), or supplementary declarations (C88 or equivalent) are required.

If PVA is used, then having registered to receive VAT certificates via your HMRC VAT portal via CDS, the import VAT is both paid and claimed on the same VAT return.

VAT returns: Box 9 entries (EU acquisitions of goods) are no longer required for imports as from 1 January 2021.

What else do I need to think about?

border, i.e., ownership does not pass to the customer until the goods are delivered or when the goods are paid for, then your business may incur import VAT. The terms of trade and incoterms may also mean that any import VAT or customs duties payable are your responsibility as the goods enter the EU, e.g., DDP (Delivered Duty Paid). You may need to register for VAT in the EU.

Imports Farm machinery and equipment can be a big investment for a business – if you regularly import, then both VAT and duty payments (if applicable) will impact your cash flow unless you use a deferral method. This can be operated by your agent or by your business. The most common method is duty deferral which also defers import VAT payments for up to six weeks.

There is a new way to postpone paying import VAT by instructing whoever deals with your import entries to note your EORI and VAT number in the import declaration as well as ticking the box which shows you are using postponed VAT accounting (PVA).

This allows payment to be made in the VAT return relating to when the import was made - the import VAT claimable is netted off against this – effectively allowing up to fouror five-months’ cash flow benefit. PVA can be used for all imports, not just EU ones and can be accessed via HMRC’s Customs Declaration Service (CDS). https://www.gov.uk/guidance/check-when-you-canaccount-for-import-vat-on-your-vat-return

VAT accounting and statistical returns Export sales: Intrastat (Supplementary Statistical Declarations) and EC Sales Lists are no longer required for EU sales after 31 December 2020.

VAT returns: Box 8 entries (EU removals of goods) are no longer required for sales as from 1 January 2021.

Imports: Intrastat (Supplementary Statistical Declarations) are still required for EU acquisitions of goods until 31 December 2021. This covers EU purchases of goods valued over £1.5 million in a calendar year.

For VAT purposes, it’s important to establish upfront whether your current EU trading arrangements may require rethinking. For example, in cases where your customer is VAT registered in their own country, they may agree to act as the importer. As long as they are permitted to claim the VAT, then this would mean the difficulties around your own position in that country may be resolved.

Although basic foodstuffs or food grown or produced in the UK are generally zero rated when sold to UK customers, if import VAT is applicable then this will likely not be at the zero rate in the EU (with the exception of certain basic food products in Ireland). Most EU countries apply reduced VAT rates applying to basic foodstuffs and some drink products.

Bringing goods as owner into the EU may mean overseas VAT registration liabilities and payment of customs duty and import VAT. This could be resolved by selling to a distributor in the UK and letting them take the responsibility for the export and import procedures and costs. Alternately, it could mean other changes to the supply chain, such as setting up a facility such as a distribution hub, agency or subsidiary or branch within the EU. Some overseas suppliers already have UK VAT registered companies or branches, so purchases could be made through them rather than an overseas company.

An EU base could be of particular benefit if goods used in manufacture originate from the EU. Goods of UK origin may mean they are duty free when entering the EU, but it’s very important to be aware of where all components originated – if some of these are EU or ROW, then the customs duty position will change.

There are other methods of deferring customs duty and VAT, such as the use of customs warehousing or HMRC schemes to do the customs entries when the goods arrive at your premises in the UK. If duty and/ or VAT costs are high for you, please contact me.

Marianne Hawksworth 01935 709316 marianne.hawksworth@om.uk

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Structuring your milk vending business

Structuring your milk vending business You have the appetite to retail your milk, have looked at the potential demand, where you might locate a vending machine, the costs of equipment needed, and the regulatory requirements to do it. But have you thought about the business structure?

There is no doubt that we are seeing a boom in milk vending machines across the country now. The consumer wants to get closer to the producer and know where their milk comes from, the automated vending machine allows that to happen without big labour requirements. Here are some of the key considerations to look at when planning or starting up such a venture.

Who is taking responsibility for the venture?

With social media presence dictating the success of milk vending machines, the next generation tend to take the lead in the venture. To allow the person responsible to be rewarded for success, an option is to take the vending machine out of the core business allowing it to be judged on its own merits, perhaps as a sole trade run by the person responsible.

This may be counter-intuitive as dividing the business up doesn’t bring farming families together. However, this approach allows business management skills to be developed – marketing, budgeting, supply purchasing – on a small scale with low risk to the farming business. It also allows the results to be seen, which is a big motivational factor to making the business successful.

“With social media presence dictating the success of milk vending machines, the next generation tend to take the lead in the venture.”

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There are of course additional administrative factors with selling the milk to a separate business and splitting out costs, the simple way to get over this is to agree what stage the milk is sold in – pasteurised or raw – and an agreed price.

Milk contract Milk vending will take time to build up demand, and your milk buyer will take the rest, or will they? Not all milk contracts are the same, and you will need to look at the wording of your contract carefully. This can have a bearing on how a milk vending machine business is structured, as a contract may only allow the farmer to sell the milk directly to the public or may dictate the volume able to be sold even restricting it to none at all in some cases. This will have a bearing on how you structure the business.

VAT The immediate VAT concern will be the reclaim on the vending machine, and as milk is zero rated for VAT, this can be reclaimed as long as the business is VAT registered. What may be overlooked is the sale of milk bottles where these are sold empty – these should have output VAT charged at 20% to the customer, whilst full milk bottles are zero rated. Take advice to keep on the right side of the tax man.

These are three key areas that you should look at when embarking on a milk vending business, but consideration needs to be given to banking, insurance, food hygiene compliance as well. If in doubt, seek advice.

Dan Heal 01935 709449 daniel.heal@om.uk

Key financial dates you should plan for in 2021

Key financial dates you should plan for in 2021 Spring 2021 – repayment of Bounce Back Loan Scheme (BBLS) loans The one-year repayment holiday on these BBLS loans will soon be upon us for those who were early in applying last year, and businesses should expect for repayments to begin automatically from that point. However, businesses can now opt out of making payments on BBLS loans until 18 months after they originally took them out. The option to pause repayments will now be available to all from their first repayment, rather than after six repayments have been made.

31 March 2021 – deferred VAT payments One of the first COVID-19 measures announced by the Chancellor was the deferral of the VAT payment falling due during the lockdown period. This is not a cancellation, but a postponement and any VAT payments deferred are due for payment by 31 March 2021.

Since then, it has been announced that businesses can opt into a new scheme which will mean that this VAT liability doesn’t have to be settled on 31 March 2021, but instead can be repaid in instalments over the period to 31 March 2022 (without incurring interest).

Quarter Days – rent payments Traditionally, quarterly land rents are payable by 25 March, 24 June, 29 September and 25 December; if your forecasts indicate that these dates could be a problem for your business, now might be the time to start negotiating with your landlord.

31 May 2021 – Countryside Productivity Small Grant claims The RPA deadline to submit claims for the Countryside Productivity Small Grant (CPSG) scheme has been extended

to the end of May 2021. This is a key date for those who were successful in their applications for the third round of the scheme, but who have not yet claimed.

30 June 2021 – end of Stamp Duty Land Tax holiday Last year, in a bid to keep the housing market buoyant, the Chancellor increased the threshold for Stamp Duty Land Tax (SDLT) to £500,000. This should benefit most house buyers, including landlords and second-home owners (although the 3% surcharge for these properties remains in place). The temporarily increased threshold is currently set to end on 30 June 2021.

31 July – payment of Income Tax and National Insurance contributions The deadline for Self Assessment taxpayers to make their second ‘payment on account’ of tax to HMRC is 31 July.

This payment is normally based on your previous year’s tax liability – being 50% of the tax paid for the 2019-20 tax year.

If you expect your income for the 2020-21 tax year to be lower, then it might be worth discussing a claim to reduce your ‘payment on account’ with your accountant.

December 2021 – Basic Payment Scheme income If the RPA systems work, then December will see the processing of the 2021 Basic Payment Scheme (BPS) payments. Of course, the reduction in BPS payments will begin with the 2021 claim and so farmers should expect and prepare for a percentage reduction – depending on the size of claim.

Oliver Bond 01392 351337 oliver.bond@om.uk

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Contact Exeter Leeward House Fitzroy Road Exeter Business Park EX1 3LJ +44 (0)1392 214635 Melksham Wessex House Challeymead Business Park Bradford Road SN12 8BU +44 (0)1225 701210 Wells Bishopbrook House Cathedral Avenue BA5 1FD +44 (0)1749 343366 Yeovil Maltravers House Petters Way BA20 1SH +44 (0)1935 426181 Also at Frome Livestock Market, Standerwick

The content of this newsletter is for general information only. It should not be relied on and action which could affect your business should not be taken

enquiries@om.uk | om.uk

without appropriate professional advice. Please contact your usual Old Mill contact or local Old Mill office.