Farming Partnership & Accounts Disclosure - Risks & Pitfalls - A Bitesized Guide
Farming partnership accounts disclosure is not just important for calculating income tax liabilities but also for the very important subjects of dispute and capital taxes protection.
There are currently important considerations facing farming e.g. the fear that a large number of ‘farming families hate each other' and disputes are prevalent together with the very high value of farms. This high farm value needs urgent capital taxes consideration as part of full farm succession strategy and farm advisers must work together.
It is essential that farm accounts disclosure helps give farming partners clarity and in so doing helps prevent disputes. Farm accounts have to be submitted with the IHT 400 and must tie into farm ownership understanding as well as capital taxes and succession planning. This 30-minute webinar will provide you with all you need to know about farming accounts disclosure.
What You Will Learn
This short webinar will cover the following:
- The importance of the will drafter seeing quality farm accounts for understanding
- Farm accounts as part of the probate application and capital taxes protection
- Clarity of capital accounts and drawings disclosure and agreement
- The land capital account reflecting correct ownership and the partnership agreement
- Registration of partnership property under TRS and disclosure
- The accounts as evidence of trading and services provided - enterprise accounts
- Accounts reflecting the trading spectrum not the investment spectrum
- Careful disclosure of lease and licence income
- Correct disclosure of heritage property
- Freehold property notes reflecting / reconciling to CGT base cost
- MTD for VAT improving farm records
- MTD for income tax changing basis period and year end
- Disclosure of AHA tenancy and business competency test
- Rectification of Farm Accounts where appropriate
This pre-recorded webinar will be streamed at 12:30pm on Thursday 16th February 2023 and will remain available to view by delegates who have registered by then for 90 days.
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