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Do you own a farm?

If yes, we know farming is not just about crops and livestock. In the evolving economic landscape, many farmers, like yourself, are diversifying and redeveloping their farms. This can lead to potential tax implications that you need to be aware of, especially if your plans involve creating commercial buildings and structures.

Claims can be made on constructed commercial facilities on farms including:

  • Holiday let cottages: Either new builds or conversions of old farmhouses, barns, pig sties, etc.
  • Camp sites: This might involve additional facilities like cafes or swimming pools.
  • Industrial/storage units: For varied purposes related to the farm or to be let out to tenants.

In addition, tax relief isn’t restricted just to buildings. It might cover:

  • Contaminated Land: Costs for removing hazardous materials like asbestos or Japanese Knotweed – so long as you did not cause the contamination.
  • Repairs and Maintenance: Regular upkeep of your property.
  • Planning and Other Fees: Associated with redevelopment.
  • Ancillary Works: Related to the broader redevelopment.

Is there tax relief available?

Certainly! Capital Allowances provide tax relief for business owners of commercial buildings. A farm is a business and most buildings on the farm are considered to be commercial buildings.

Claiming this tax relief isn’t straightforward.  Expertise is required beyond regular accounting, understanding property law and construction nuances is crucial.

If you’re unsure about your claims, or if the answer from your accountant isn’t what you expected, contact us for a chat to find out the tax relief you’re entitled to.

Contact us

Get the tax relief you are entitled to

If you need the help of a tax consultant to identify what tax relief you are eligible for on your commercial property, contact us today to have a no obligation chat.

We’ll do our best to call when it’s convenient for you.

Case study

A customer success story

Converting a building

Croydon Gym converted an old Co-op building into a state of the art gym for future gymnasts. He saved £330k which significantly improved his financial planning for the next 5 years

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I was really impressed with the thorough and conservative approach from Paul. He stated the fact and didn’t take any risks, which was exactly what I needed. I couldn’t have been happier with the end result and we got the best outcome we could have hoped for. I just wish I had a wider portfolio so I could use him on more things!

William Flint
CGC Elite Ltd