I have been getting an increasing number of calls this autumn on moving to a limited company. It is easy to just look at the 12.5% tax rate and rush in, but limited companies are certainly not for everyone. The decision needs careful consideration and a lot of planning to do properly. I would argue that it takes up to two years of planning to really get the transition right.
According to Declan McEvoy, head of tax at IFAC, the interest they are seeing is largely from farmers who have invested in buildings, but are now running out of capital allowances, and dairy farmers with a large tax bill on the horizon after good prices and high output in 2017. Interestingly, he said banks are looking for farmers to incorporate particularly where there is land purchased and large borrowings.