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
HM Revenue & Customs (HMRC) have moved to reassure some farmers that paper returns will still be accepted when Making VAT Digital comes into force in 2019. Under the new system, which commences 1 April 2019, businesses operating above the VAT threshold of £85,000 are required to keep digital records and submit VAT returns online. … Continue reading Making Tax Digital: Paper VAT Returns Will Still Be Accepted
Farmers are being reminded that they must be aware of the new data protection laws coming into effect in May. The General Data Protection Regulation (GDPR) comes into force on 25th May 2018. The new laws are designed to ensure that businesses store any personal data safely and securely. This is any information which identifies … Continue reading The New GDPR and Farmers
Farms businesses are left with just over 14 months to get themselves ready for new VAT rules, requiring them to keep digital records. Last year the Government decided to delay plans for introducing Making Tax Digital (MTD) for income tax until at least April 2020, to give businesses time to prepare and adapt for the … Continue reading Making VAT Digital Is Coming
