A new online calculator has been launched to allow farmers to see the potential effect on their businesses of various Brexit scenarios. Developed by The Agricultural and Horticultural Development Board, its aim is to help farmers and growers review their business and remain fit for the future. The calculator allows individuals to input their data … Continue reading New Calculator to Help Farmers Foretell the Future
In recent years many farmers have sought planning permission on redundant farm buildings to convert them into dwellings. If a farmer is looking to develop the barn himself, rather than sell it on once permission has been granted, one of the key considerations is the ability to reclaim VAT on the development costs. This is … Continue reading VAT Implications of Barn Conversions
FRS102 and FRS105 are the financial reporting standards that set out how accounts should be prepared for UK entities and micro-entities. The standards, which became effective for financial year-ends on or after 1 January 2016 (1 January 2015 for medium-sized companies) are mandatory for all farming businesses trading as a limited company and are therefore … Continue reading How Are Changes to Accounting Reporting Standards Impacting Farm Accounts?
A recent survey of farmers by the Farmers Weekly found that 69% thought that their business would be worse off as a result of Brexit. Of the remaining 31%, 15% thought that they would fare better as a result, whilst 16% believed that Brexit would have little or no effect. The UK is set to … Continue reading Most Farmers Think They Will Be Worse off After Brexit
Britain’s most respected animal welfare charity has joined in the debate over the future of farming subsidies post-Brexit. Speaking recently at the Oxford Real Farming Conference, the RSPCA put forward their proposals for the continued funding of the British farming industry when the subsidies under the EU CAP come to an end. Primarily, they are … Continue reading RSPCA Supports Farming Subsidies
Many farm businesses diversify from traditional farming to other related activities such as livery or hay making for horses. This may be a result of lifestyle changes or perhaps other potential incentives aligned with the Government’s so called Green Brexit. In such circumstances, they need to be aware of the impact that such a change … Continue reading Preserve Tax Relief on Farming Diversification
The Welsh Government is offering 150 farmers up to £40,000 worth of start-up aid as part of their Young People into Agriculture Scheme. £6million will be made available to fund the scheme which intends to help people prepare their business for life outside of the EU, as well as helping develop leadership skills. The target … Continue reading Start up Help for Young Farmers
The Rural Payments Wales Online “Manage My Land” service has replaced the Field Maintenance (FM4) paper forms, which are no longer available. The online service should be used to submit information on land registrations, boundary maintenance, new or changed permanent features, and any transfers of land. Users are also reminded that changes must be submitted … Continue reading Manage My Land – the New Way Forward
The Welsh Government’s Finance Secretary, Mark Drakeford, has recently proposed a punitive tax on vacant land which is not used for building. There are few details currently available, but it appears that this tax is intended to target vacant development land held by developers or those who speculatively accumulate plots. However there is a risk … Continue reading New Vacant Land Tax Proposed by Welsh Government
A new Land Transaction Tax (LTT) will come into effect in Wales from 1st April 2018, replacing Stamp Duty Land Tax (SDLT). The move comes as part of a wider pattern of fiscal devolution which will see Wales bearing responsibility for raising part of its own tax revenue for the first time in nearly 800 … Continue reading New Welsh Land Transaction Tax
