On the face of it, this is a silly question. A likely response being ‘it is an animal with four legs used for riding.’ However, if we ask further questions such as who owns and rides the horse and what is its main purpose, then the answers will lead to a different accounting and taxation treatment.
Depending on the function it performs, a horse may be an agricultural animal, or it may not. A horse is an agricultural animal if it is intended for human consumption or to work as a draught horse, e.g. ... Read More
The majority of horse owners will, at some point, sell a horse and may not give a second thought to the potential implications of doing so. Not only is there a different legal position on sales made by individuals as opposed to sales by dealers, but the tax implications are also very different.
To be a horse dealer for tax purposes, there are a number of areas to be considered, such as:
Is there a profit-seeking motive for the sale? An intention to make a profit indicates the existence of a trade.
How ... Read More
‘Handmade in France with love and passion’
Innovative and decidedly chic, Voltaire Design specializes in upscale custom saddles. Recognizable by their blue striped gullet, Voltaire Design Saddles are made in France with the finest French leathers and are infinitely customizable. Created in 2010 in the idyllic French town of Espelette, the brand opted to launch first in the United States. As sponsor of the Winter Equestrian Festival in 2011, Voltaire Design has become a huge success and is quickly becoming a must-have across the Atlantic. The Made in France promise, and technical aspects of ... Read More
Hazlewoods is a Gloucestershire-based firm of Business Advisers and Chartered Accountants. With offices in Staverton and Cheltenham and more than 300 staff, Hazlewoods provides multi-disciplined services to a broad range of clients, from sole traders to blue-chip multinationals, private investors to public institutions.
Making Tax Digital for VAT and cloud accounting
From April 2019, VAT registered businesses above the VAT registration threshold will be required to maintain digital records under Making Tax Digital (MTD). Unsurprisingly, software providers are not yet up to speed and, as previously announced, HMRC will not be providing their own free ... Read More
There are over 18,000 active equestrian businesses in Great Britain, the majority are small or medium sized contributing significantly to the economy. With strategies in place to grow the sector, there is no better time to start or develop a lucrative business.
In the ‘Strategy for the Horse Industry in England and Wales,’ Defra reported the need for better breeding and facilities across the industry, however, most equestrian businesses are cyclical with varying amounts of disposable income to spend at different times of the year. What is ... Read More
Hazlewoods specialises in helping businesses to grow. Through a dedicated team that specialises in sole traders, partnerships and limited companies, we help owners/directors/partners to prepare for success. Naturally, our services include the preparation of statutory accounts, personal and business tax computations, and personal and business tax returns. We offer tailored advice and support to help the growing business to enjoy the fruits of success and, when necessary, find new sources of investment.
Running an equestrian business is a way of life. Ensuring you have advisers with ... Read More