If you run a business involving horses, you’re not alone. Across the UK, there are around 8,000 equine enterprises, directly and indirectly employing an estimated 250,000 people.
But even though you are part of a vibrant, multi-billion pound industry, is it hard to find the professional advice you need, from people who understand the way your business works?
Fawcetts are different. We’ve been looking after the financial interests of rural and equine enterprises for many years, so the tax and business advice we offer is based on years of experience in helping businesses like yours to achieve their maximum potential.
We understand the particular pressures facing equine businesses, and can advise you on the most appropriate steps to meet these challenges.
Our team will take time to get to know and understand you and your business and advise you on all the financial implications of running an equine business, including:
- business start-ups
- choosing the right business structure
- business acquisitions
- tax-efficient operations
- tax allowances and reliefs
- specialist VAT advice
- succession planning.
By working with you to establish where you are now, and where you want to be in the future, we can help you develop strategies to develop, diversify or expand to achieve your goals. We can also help your business to run more smoothly with support services including payroll and accounts.
Whether you work in equine tourism, run a livery stables, stud farm or riding school or work as a trainer, we will tailor our advice and services to meet your needs.
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Self-employed workers in the UK have reported their struggles to acquire a mortgage, after HM Revenue & Customs (HMRC) changed the way it issues details of tax calculations and tax year overviews for submission with mortgage applications.
Until recently accountants and workers themselves have been able to obtain a paper copy of form SA302 that lenders require in order to complete the mortgage application process.
However, from 4 September 2017 HMRC has confirmed that it will no longer issue paper copies and will instead provide digital versions.
This will make the process of securing a mortgage more difficult for self-employed workers and may even further restrict the number of lenders that will offer a mortgage, with reports already coming in of lenders insisting on original paper copies rather than electronic printouts.
Self-employed individuals and their advisers will be required to supply the relevant year’s tax computation, printed from the adviser’s software, along with the tax year overview that advisers can print from HMRC’s online services website, in order to act as a self-serve SA302 that will satisfy lenders.
HMRC has already undertaken discussions with UK Finance, formerly the Council of Mortgage Lenders, about lenders’ requirements. However, the list of lenders who will accept self-serve SA302 forms omits some big high street names.
Many accountants are therefore reminding self-employed individuals to check their lender’s requirements early on in the mortgage application process.
LINK: SA302 Tax Calculation