On Thursday 4 February, the Hazlewoods Farms and Estates team hosted their popular annual professionals' breakfast meeting online for the first time in its history.
A popular date in the diary for professionals in the agricultural sector, the event is always a hive of discussion on topical issues affecting the farming and rural industries.
For this reason, it was key for the team to find the best way possible to replicate the networking opportunity that the event usually provides.
Utilising a developing virtual platform, the team were able to do just that. Attendees were able to move around tables and talk in small groups before being moved into the presentation area to watch short updates from the Hazlewoods team.
Presentations included:
- dealing with residential properties tax efficiently between spouses;
- experiences with house sales and new 30-day CGT reporting regime;
- Government support to ease cash flow, by spreading self-assessment tax payments, corporation tax and VAT deferral;
- capital allowances, integral features, S198 elections, with examples of where significant amounts of tax at stake e.g. furnished holiday lets;
- potential changes to the VAT treatment of compensatory payments when a contract or lease terminates; and
- possible tax increases in the budget and reform of capital taxes.
A quick poll of attendees suggested that the most likely changes might be increasing the CGT rate, closely followed by restricting or abolishing entrepreneurs’ relief and the introduction of a wealth tax.
Farms and Estates Partner, Nick Dee, said: “Our annual professionals’ breakfast always provides a great opportunity for discussion on current topics in our industry and we were really pleased to be able to get everyone together and hold an event that was so close to the real thing, despite current restrictions.
We look forward to being able to see everyone in person, but the virtual method was a welcome substitute and we hope to be able to do it again soon.”