With new taxation challenges emerging for agricultural businesses, NFU Scotland has teamed up with two top Scottish firms to help guide its members as they enter the new financial year.
The Union will join its legal helpline provider, Gillespie Macandrew, and the Union’s taxation partner Johnston Carmichael in hosting a seminar at the Rural Centre, Ingliston on Wednesday 26 February to outline recent and forthcoming taxation changes, and what they may mean for farm businesses.
Changes to the structures of mixed partnerships will be discussed, covering the past benefits of this type of structuring and new rules which are to come into play following the Chancellor’s budget announcement in December. Practical examples will be given of how businesses in the agricultural sector can look to restructure in order to comply with these new rules, whilst maintaining tax efficiency.
Other topics to be covered includes tax on income generated by renewable energy projects.
Speaking ahead of the event, Alex Docherty, director of tax at Johnston Carmichael, said: “There have been major changes to tax rules recently which farming businesses must take into account, to ensure that they are working within the remit of these rules but also operating in a tax efficient structure. This is a valuable opportunity for farmers to hear about how these tax changes will affect their businesses and pose questions to a team of experts.”
Alan White, Legal Director at Gillespie Macandrew added: “Even if you are not affected by forthcoming changes to tax rules, this event will provide the opportunity to hear current thinking, as well as the chance to have an informal discussion with the advisors providing NFU Scotland’s legal and tax helplines.”