Matthew Waters

A more joined-up approach to land use needs to be adopted if UK food security is to be protected, according to a leading agricultural finance expert.

The flexibility offered by the Sustainable Farming Initiative could enable farmers to ‘de-risk’ their operations in 2024, following a challenging harvest this year, according to a leading agricultural finance expert.

HMRC needs to provide clarity about the tax situation surrounding SFI payments, says Mat Waters.

Hospitality and tourism businesses in East Anglia are set for a welcome boost in trade with three separate bank holiday weekends in May, which could signal another ‘staycation year’ for the region, according to a leading tourism and hospitality expert.

Employers have until 6 July 2023 to report any taxable benefits and expenses provided to their employees (including company directors) during the 2023 tax year on the forms P11D and will have to settle any National Insurance arising on these by 22 July 2023.

Employers have until 6 July 2023 to report any taxable benefits and expenses provided to their employees (including company directors) during the 2023 tax year on the forms P11D and will have to settle any National Insurance arising on these by 22 July 2023.

Due to the reversal of the additional 1.25% on national insurance rates in November 2022, Class 1A national insurance on employee benefits is at a rate of 14.53% for the 2023 tax year.

Employers have until 6 July 2023 to report any taxable benefits and expenses provided to their employees (including company directors) during the 2023 tax year on the forms P11D and will have to settle any National Insurance arising on these by 22 July 2023.

On 14 October 2022, the then Prime Minister Liz Truss U-turned on her government’s previous promise to cancel the scheduled rise in corporation tax from 19% to 25%, effective from 1 April 2023.

In his Autumn Statement, the Chancellor announced several changes to the taxes surrounding electric vehicles. Mat Waters, a Business Services Partner in our Lowestoft office summarises the current tax implications to business owners for owning or leasing electric vehicles

Thursday 20^th October saw the return of Lovewell Blake’s popular charity tenpin bowling event after a 2 year hiatus due to the pandemic.

Thursday 4^th August is Cycle to Work Day, where thousands of commuters will leave their cars at home or forgo public transport to get on their bikes to the workplace.

There is a simplistic financial rule-of-thumb within the restaurant industry which states that the price the diner pays can be divided equally to cover three cost categories: the ingredients on the plate; staffing; and overheads - with any profit the business generates forming part of the latter.

In 2021, research by hotel booking website Hoo suggested that the average asking price of a beach hut had increased by 41% as British holiday-makers stayed within our shores, while a follow-up study this month has shown a reduction of 24% as the staycation property bubble maybe doesn’t burst, but begins to deflate.

As hospitality businesses continue to grapple with soaring food and energy costs and staff shortages, from April they will also face an increase in employer’s national insurance of 1.25% thanks to the Health and Social Care Levy, and a rise of 6.6% in the headline National Living Wage.

The UK’s fiscal year (or tax year, as it’s more commonly known) ends on 5 April and with it any annual allowances which HMRC offer for the 2021/22 tax year.

In 2012, due to concern that the UK population weren’t taking adequate measures to save for their retirement, the Government took the radical measure of introducing auto-enrolment.

Over the years, the provision of company cars to employees has become increasingly disadvantageous from both a payroll and business tax point of view.

Chartered accountants Lovewell Blake have appointed Matthew Waters as a partner.

Earlier this month, The Rural Accountancy Group (RAG), of which Lovewell Blake is a member, launched its UK Industry Survey across farm businesses in England, Scotland and Wales.

With the existing area-based payments being halved by 2024 on the way to being fully abolished by 2028, Environment Secretary George Eustice has already told farmers that the future of subsidies will be through Environmental Land Management Schemes.

In 2020, the pandemic sparked a ‘race for space’ which saw the average UK house price rise by 7.6% in the year to November 2020. This means that a dwelling previously valued at £465,000 12 months ago could now potentially be worth over £500,000 and give rise to a tax issue under Annual Tax on Enveloped Dwellings (ATED).

The back-and-forth between the Houses of Parliament on the Agriculture Bill continues. On Tuesday 20^th October the Lords voted to reinsert powers into the Bill which were removed in the last Commons vote.

On Saturday 10 October, Minette Batters, the President of the National Farmers' Union (NFU), published a piece in the Daily Mail that she professed she "never wanted to have to write", fearing the death of the British family farm.

In 2008, as part of the firm’s 150^th anniversary celebrations, Lovewell Blake launched the Lovewell Blake Community Fund with the aim of raising £150,000 in 5 years for good causes across the region. The firm’s partners and staff rose to the challenge, surpassing their initial target and to date have raised over £275,000.