Budget Super Deduction

[B R C]

Something different, if it applies to farming businesses there’ll be a lot ‘investing‘ in the next two years and not much profit being made! Spend £100k and get £130k tax allowance! I can see some manufacturers getting exciting and adjusting their prices accordingly.

 

[Still Farming]

Something different, if it applies to farming businesses there’ll be a lot ‘investing‘ in the next two years and not much profit being made! Spend £100k and get £130k tax allowance! I can see some manufacturers getting exciting and adjusting their prices accordingly.

And going bang afterwards and when furlong ends????

 

[neilo]

Something different, if it applies to farming businesses there’ll be a lot ‘investing‘ in the next two years and not much profit being made! Spend £100k and get £130k tax allowance! I can see some manufacturers getting exciting and adjusting their prices accordingly.

Is getting a tax allowance of £130k really going to effect that many UK farms. I would imagine only a relatively small percentage would have such a problem.

 

[Durry cows]

Which date does this commence from? Is it basically the annual investment allowance but 130% of? Also we’re there any changes in offsetting tax against buildings currently 3%? Cheers

 

[Still Farming]

The Welsh Government can write off their own debts?
How's that work?

https://www.facebook.com/40526249862/posts/10160410440124863

 

[deere 6600]

Buy a machine 10000 get allowance 13000 I think

 

[B R C]

Need to see what plant and machinery will be qualifying first. Starts next month I think.

 

[chaffcutter]

130% of the investment from April, no details of coverage yet, buildings or just machinery?

 

[B R C]

50% first year allowance for qualifying special rate(including long life) asset. I have no idea what these are but really hope it’s buildings.

 

[farmerdan7618]

It looks like companies only , but a good opportunity for some tax planning for any March year end farming companies looking to make changes to their machinery off the back of what has mostly been quite a good year for farming.

 

[fgc325j]

Something different, if it applies to farming businesses there’ll be a lot ‘investing‘ in the next two years and not much profit being made! Spend £100k and get £130k tax allowance! I can see some manufacturers getting exciting and adjusting their prices accordingly.

Could be some sort of answer for those who need to enlarge their slurry storage to hold 5 months production from their cattle.

 

[Adeptandy]

It looks like companies only , but a good opportunity for some tax planning for any March year end farming companies looking to make changes to their machinery off the back of what has mostly been quite a good year for farming.

I can't agree with that statement, its been probably the worst farming year here for decades

 

[snarling bee]

Had a good farming year thanks. When wheat is £200 even a poor crop pays, we only grew wheat last year and yields were bang on 5 yr average. I don't believe in all this rotation malarkey and DDing everything.

Problem with investment allowance is that you spend the next few years with no write down allowance on that item.

 

[Flatland farmer]

Another nail in the coffin for small farms; no help with tax relief for them. Only Limited Companies, it seems.

 

[Nearly]

Another nail in the coffin for small farms; no help with tax relief for them. Only Limited Companies, it seems.

As long as they leave us alone on some of the tax perks that we have as small farmers then I'm happy to be left out of such schemes. Annual land taxes will kill the job stone dead.

 

[yellow belly]

Another nail in the coffin for small farms; no help with tax relief for them. Only Limited Companies, it seems.

The extra is to get companies to invest in the next 2 year
or they could wait till the higher rate tax comes in and then invest

ie now at 19% tax so spend 100 and get 130 tax allowance on 19
or wait 2 years tax rate at 25 % spend 100 and get tax allowance 100 on 25

the non company tax on profit has not changed for self employed

 

[farmerdan7618]

The extra is to get companies to invest in the next 2 year
or they could wait till the higher rate tax comes in and then invest

ie now at 19% tax so spend 100 and get 130 tax allowance on 19
or wait 2 years tax rate at 25 % spend 100 and get tax allowance 100 on 25

the non company tax on profit has not changed for self employed

Completely agree with this, as the amount of tax relief is almost equal.

Big risk with putting up tax rates is that investment stops and waits for the higher tax rates, not what is needed now.

Annual Investment Allowance is not being mentioned, but could well drop to 200k from 2023, that is after all the level it is fixed at.

 

[Mark C]

Might be a few phonecalls to dealers tomorrow delaying delivery of 'march invoice' machines until next month!

 

[farenheit]

Might be a few phonecalls to dealers tomorrow delaying delivery of 'march invoice' machines until next month!

I should imagine you'll have to beat the dealer calling you to tell you that the original quote has actually gone up by 20%

 

[ACEngineering]

The extra is to get companies to invest in the next 2 year
or they could wait till the higher rate tax comes in and then invest

ie now at 19% tax so spend 100 and get 130 tax allowance on 19
or wait 2 years tax rate at 25 % spend 100 and get tax allowance 100 on 25

the non company tax on profit has not changed for self employed

Self employed Tax not changed but has the relief changed if you pay in to pension?

Dont think it has?

ie pay £80 in to pension gov top it up by £20
Then if your a higher rate tax payer paying 40% tax accountant can claim another 20% off your tax for anything you put in pension.

I dont have a pension yet still but know I really should