Not surprisingly, Mr.Farage has enjoyed much type space concerning the withdrawal of his banking facilities by Coutts. Yesterday we learned that Liz Truss had also struggled to open a bank account. Both parties have leapt to the conclusion that the decisions are politically motivated and isn’t life unfair etc etc.
My recent experience is different. Clients who have enjoyed long banking relationships are now being put under pressure by the big 4 clearing banks. A client who actually had a large deposit in a current account was told to explain himself, or the account would be shut (!) He had sold a business a few years previously.
I think be very careful as relationships that previously had been seen as sound may now not be. It is my view that the banks have changed their lending policies to all; not just errant politicians.
Apologies for any difficulties with regards to the telephone system. We went ‘digital’ a year or so ago and the system is just not reliable and we are in process of changing it for a different version.
We are currently dealing with a penalty where Companies House currently do not accept that the death of the client’s bookkeeper might have prevented the timely submission of the accounts. The reader will also remember that the VAT penalty regime has recently been changed and the two examples would appear indicative that the government are becoming more strident when collecting tax. MTD has been a pain in many ways, especially during its implementation stage, but it does at least allow the accountant to speed up in the preparation of the year end accounts, so as to hopefully alleviate problems such as the above. The moral of the story is don’t die owing tax……………
Just a reminder that the 138th show is to be held on 5th August at the Maidford showground. A warm invitation is extended to all clients and contacts. We are also sponsoring the Heart of England cattle championship in tandem alongside the Kenilworth and Blaston shows. Click onto the link below for further details.
On June 14th some 35 intrepid souls travelled to the Morley Agricultural Foundation in Norfolk to visit the farm and learn of the projects that are currently being carried out. Alongside various trial plots we learned of carbon capture techniques and saw the ‘flux towers’ that had been installed. After lunch we then travelled to Jimmy Goodley’s farm near Fakenham and enjoyed a visit highlighting the different techniques that Jimmy had discovered worked for both him and his system. It is reassuring that independent research such as the above is continuing, funded by the foundation and individuals such as Jimmy.
The SFP / Basic Farm Payment claim form is required to be submitted by May 15th. Do not forget.
Just a warning that whilst in the past VAT refunds did not attract penalties for late submission, all that has now changed. Moving forward, even VAT refunds that have been submitted late will now attract penalties.
So, in practice, please make sure that you give us the necessary information as soon as possible please. Don’t give the VAT man the chance to charge.
Since the last post much has taken place; little good. Putin, Good bye to Boris and the Queen and now a brave / stupid mini budget. It is currently difficult to see how this might play out.
What is also quite clear is that HM Government do not know how to react to the impact of Putin on farming. The increasing food, fuel and fertiliser prices have seemingly made the government reconsider their previously headlong rush into environmental subsidies. We even had a visit from a recently recruited Defra employee wanting to learn more as to what Farmers want post SFP and pre ELMS.
We sent the strong message that we must subsidise food production, but not at the expense of the environment. A 360 degrees change of emphasis from the ‘plant trees for money’ strategy, that always appears a bit bonkers to us. It would appear that Whitehall are perhaps finally waking up. We shall see.
We had a good and busy Blakesley show and now are back to accounts production in earnest.
After predictions of doom, we are pleased to be able to report that the major capital taxes, CGT and IHT have remained surprisingly untouched. Indeed, many of the rates and bands are stated to remain unchanged until 2026. Whether this comes to pass is of course a moot point. Consequently, there has never been a better time to consider estate planning. We know the rules and business assets in particular can be passed down generations free of tax.
Do not tarry. This cannot last…………
Please find the full statement as issued yesterday. The glib comment being it appears to be a good Labour Party budget.