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Equestrian

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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Latest News

UK’s tax gap continues to fall

Figures released by HM Revenue & Customs (HMRC) show that the UK’s tax gap – the difference between tax owed and actual receipts – is continuing to fall.

The Revenue has revealed that the tax gap for the 2016-17 tax year was 5.7 per cent, down from six per cent in the previous year and 7.3 per cent in 2005-06. It says that, had the tax gap not fallen, a total of £71 billion less tax would have been collected last year.

The figures show that of the total tax that was unpaid, the largest proportion was from small businesses, with £13.7 billion not paid.

According to HMRC, taxpayer error was nearly twice as likely as criminality to be the culprit for missing tax, with errors costing the Revenue £9.2 billion in lost income, while criminality cost £5.4 billion.

Meanwhile, Income Tax, National Insurance and Capital Gains Tax had the biggest tax gap at £7.9 billion. The VAT gap, on the other hand, has fallen from 12.5 per cent in 2015-06 to 8.9 per cent in 2016-17.

Mel Stride, Financial Secretary to the Treasury, said: “These really positive figures show that the tax gap is the lowest in the last five years, which reflects the hard work that HMRC and I have been doing to ensure we support businesses to pay the right tax at the right time and clamp down on tax evasion and avoidance.

“Collecting taxes is essential for funding our vital public services such as the NHS – indeed, had the tax gap remained at its 2005/06 level the UK would have lost £71 billion in revenue destined for public services, enough to build 200 hospitals.”

Jon Thompson, Chief Executive of HMRC, added: “The UK is the only country in the world to regularly publish their tax gap in detail and at 5.7 per cent, it remains at its lowest for five years. I am pleased that the downward trend shows HMRC and HM Treasury’s continued hard work to tackle evasion and avoidance is working.

“HMRC is also working hard to help taxpayers get their tax right by offering support and investing in digital services to improve businesses’ record keeping and reduce errors.”

The Revenue is now touting the forthcoming launch of its flagship Making Tax Digital programme as the latest weapon in its arsenal as it looks to reduce the tax gap further.

Link: Low tax gap results in £71 billion for UK public services

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