Cwmbran based accountancy firm Green & Co Accountants and Tax Advisors recently held a Renewable Energy Seminar to inform farming and rural businesses about the opportunities that are available to them.
The seminar highlighted the large number of prospects open to farming businesses, ranging from Biomass Boilers to Solar Parks, and focussed on Government incentives such as the Feed in Tariff and Renewable Heat Incentive that can make using these sources of renewable energy financially very attractive. The seminar made it clear, however, that although these options have substantial benefits, they have a profound effect on tax, and careful planning is important with particular attention being paid to Estate Planning and Inheritance Tax.
The event was organised in conjunction with NatWest Agriculture. The first speaker was Hitten Sonpal from Lombard, part of the NatWest group that deals with financing Renewable Energy projects. Nick Park, Director at Green & Co, then spoke regarding tax planning issues and renewable energy opportunities.
“Renewable Energy investments are very attractive for rural businesses but they must be planned carefully.” said Nick Park. “Over one third of Renewable Heat Incentives have been claimed by agricultural businesses, and it is important that all involved understand the tax implications that accompany these opportunities. We are planning to do a seminar with an update in early 2015 in conjunction with the Budget.”
Green & Co Accountants and Tax Advisors specialise in accountancy and tax minimisation for farming and agricultural businesses across Wales and the South West of England.