Farmers may be eligible to apply for the Agricultural Flat Rate Scheme, as an alternative to voluntarily registering for VAT. Joining the scheme means that you can add a 4% Flat Rate Addition (FRA) to Vat-registered customers when supplying any of the qualifying goods or services, even if they would normally be zero-rated under normal … Continue reading Agricultural Flat Rate Scheme – Do You Qualify?
Category: Advice
Naming someone to take care of your finances in the event of incapacitating illness or injury, ensures you retain control of your business and can save substantial legal fees. A lasting power of attorney (LPA) is a legal document that lets you choose people you trust to make financial or health and care decisions on … Continue reading Prepare for the Unexpected with a Lasting Power of Attorney
Terriers come in two types. Farmers are already familiar with the usefulness of the small hairy kind that who can keep rats out of the barn. For the purpose of this blog we will focus on a lesser known variety. According to the Oxford English Dictionary, the other version of a terrier is defined as … Continue reading The Terrier – Essential for Farmers and Land Owners
Farmers hiring out land and buildings for wedding ceremonies may have to pay back thousands in back tax following a failed VAT appeal earlier this year. Blue Chip Hotels failed in their appeal to overturn more than £50,000 in VAT. The company argued that, as it didn’t offer room hire for civil wedding ceremonies as … Continue reading HMRC Not So Merry With Wedding Venues
Dairy farmers in Wales have until this Friday to apply for an aid scheme worth £1,800. The EU Conditional Aid Scheme is only open to dairy farmers in Wales and, specifically, those that were in milk production with a supply contract on 1 January 2016. To qualify before the deadline at midnight on Friday 30 June, producers need to … Continue reading Last Chance for Welsh Dairy Farmers
You can claim tax relief, known as capital allowances, for plant and machinery that you keep to use in your business. Assuming all criteria are met, the cost of items such as tools, equipment, desks and computers can be offset against profits in the year in which they are incurred. This is subject to the annual … Continue reading Tax Allowances for Caravans Used in the Business
How do you know whether to choose a sole trade, partnership or limited company structure for your business? The changes in farming over recent years have made this question much more complicated. Many factors need to be taken in to consideration when making this decision. Traditionally farms have been small family owned businesses which would … Continue reading Choosing the best structure for your farming business
The recent case of B and R Scambler v HMRC (TC4842) reinforces HMRC’s refusal to accept farming loss claims where they deem that the farm is not being run on a commercial basis. And there are many cases of this nature going to Tribunal. Assuming all criteria is satisfied, self-employment losses can be offset against … Continue reading HMRC, The Dairy Farmer & The Disallowed Loss
South Wales Fire and Rescue Service have advised farmers who are planning to ‘burn off’ their land, that they now have a dedicated Wildfire Station to assist them. While the vast majority of these burnings are done under safe conditions, on limited occasions fires can become too large to manage or out of control with … Continue reading Fire Service Appeal To Farmers Planning Controlled Fires
It is very likely that at some point your farmhouse and other buildings used in the farming business will require refurbishment, and it is important to be aware that whereas some repair expenditure can be relieved in the year it’s incurred (subject to a disallowed proportion for private use of buildings), alterations and improvements cannot. … Continue reading Tax Relief for Farmhouse Renovations
