The UELS Scheme, taxation on overpaid subsidies and changes in taxation rules relating to holiday lets were some of the key concerns expressed by over 70 North East farmers and landowners who attended the recent ‘Finding the Silver Lining on Countryside Matters’ Seminar at Hexham Auction Mart.
(l-r) Patricia Arnold of Patricia J. Arnold & Co, Adam Barrass and Richard Brown of Hexham & Northern Rural and Toby Gibson, Micky Macgregor and Derwent Gibson from Gibson & Co Solicitors.
The event hosted by Hexham based accountants Patricia J. Arnold & Co. Ltd in conjunction with Hexham & Northern Rural and Gibson & Co Solicitors was the first in a series of seminars celebrating twenty five years in business for Patricia J Arnold & Co. They marked their anniversary by giving free advice to farmers and landowners on how to save significant amounts of money through a better understanding of current legislation.
During the evening, chaired by Richard Brown of Hexham & Northern Rural, speakers gave presentations on a range of subjects ranging from grants, subsidies and compensation schemes, to tax credits and inheritance issues.
This year, many farmers have already been affected by taxation on overpaid subsidies and they wanted to know how to deal with this. In addition, those who have holiday lets on their land were concerned about the new legislation coming into force on April 5th. This new ruling will mean that any losses incurred will no longer be eligible for tax relief against other income and that tax on any sales will effectively be doubled.
Through her knowledge of the tax system, Patricia offered practical advice on both these issues. Commenting she said, “We were delighted to see so many people wanting to know more about how current legislation and taxation rulings can be used to their advantage rather than to their cost.”
Fellow speakers Adam Barrass from Hexham & Northern Rural gave an overview on current compensation and stewardship schemes and Derwent Gibson from Gibson & Co Solicitors covered inheritance issues and dealing with legal claims.
Commenting after the event Adam said, “I thought the evening went exceptionally well with a good attendance from the farming community from Northumberland, County Durham and North Yorkshire. The key issues for us related to the confusion surrounding UELS and the fact that many farmers don't have a Will!”
The seminar certainly had the effect making people aware that they could and should act on these matters. As Adam concludes, “I believe the evening got people thinking about the various issues discussed and this has already resulted in many of them doing something about it. At the Hexham Auction Mart sale the following day there were a number of farmers who had further questions and I think it’s likely that we will see many more in the coming weeks.”
After the presentations a delicious hot buffet was provided by Robbie Newton from The Function Suite which kept many people back after the seminar discussing issues raised with the various speakers.
Anyone interested in obtaining further details on future seminars should email Geraldine@pjarnold.co.uk or telephone 01434 606624.
For more information on Patricia Arnold & Co Ltd. please visit www.pjarnold.co.uk
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