The weekend-long show is to be held at the Kent Showground on the 5, 6, 7 July 2019 celebrating the very best of farming, countryside and rural life in Kent. With over 400 exhibitors and trade stands and over 300 competitions, activities and displays - it is an event that brings families and friends together showing a true appreciation for agriculture in Kent.
A recent Freedom of Information request by Canada Life suggested that estates worth a total of £10 million or more paid an average of 10% inheritance tax, while estates worth between £2 million and £3 million paid an average of 20%.
From 1 April 2019, VAT registered businesses with a turnover exceeding the £85,000 VAT threshold will be required to file VAT returns through Making Tax Digital compliant software and not via the current HMRC portal.
HMRC are focused on an ambition to ‘become one of the most digitally advanced tax administrations in the world’ and with a statement like that, additional compliance and headaches are likely to follow, whatever the size and sector your business operates in.
A bright future for any farm business starts with the basics and getting them right. Focus on what you can control as opposed to allowing yourself to be driven by the things you can’t.
Let technology make life easier
In business, it is best to focus on what you are good at, the majority of my clients are best when out and about making decisions to get the most from their farm, not doing paperwork! Why should they focus on paperwork when there is access to technology that frees you up from the office? This technology can provide access to real time information about farm finances, enabling faster and better-informed decision making. Now could be the time to make the move to an online accounting package in order to facilitate this.