Discover the finest in financial expertise with Crowe UK
Unlock the secrets to financial success with our deep industry knowledge and innovative approach . We help vineyard owners and wine enthusiasts alike navigate the complexities of finance . Whether you are looking to optimise tax strategies , grow your business , or plan for the future , our team of experts are here to guide you every step of the way .
Thinking about tax
Business owners will need to consider a variety of taxes and reliefs when navigating their way through the different stages of their vineyard trade . For those buying existing businesses , due diligence will be a key area where professional advice is worth taking . At the investment stage , owners will want to ensure that up to 100 % capital allowances are claimed on qualifying expenditure .
As the vineyard grows to maturity , sole traders and partnerships will need to consider loss relief and may need to tread carefully to fall outside the dreaded ‘ hobby farming ’ rules , which if triggered can restrict the utility of any tax losses incurred . Now that corporation tax rates have increased to 25 % in many cases , limited companies will need to review the most efficient method of cash extraction by shareholders when profits are made .
Thinking generationally , any sale or gift of a business will have both capital gains tax ( CGT ) and inheritance tax ( IHT ) implications . In each case , it is important to take early advice ( at least two years before the transaction ) to ensure that valuable tax reliefs are secured and painful tax traps are avoided for the continued success of the vineyard .
Contact Crowe UK today to learn more about how we can help you thrive in the Wine Garden of England . www . crowe . co . uk
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