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
The new tax year brings some good news for farmers as the Welsh Government has announced it has earmarked £40 million for a new Small Grants Scheme in Wales to “help farmers transform their business”. The scheme will be part funded by the Rural Development Programme, and will offer support over a 4-year period for … Continue reading New Small Grant Scheme for Welsh Farmers
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
Farmers and Farm Businesses across the country are being encouraged to take advantage of the government’s Better Broadband Subsidy Scheme. The scheme is managed by The Department for Culture, Media and Sport and offers subsidies for installation and equipment required for a basic broadband service, up to the amount of £350. The subsidy can be … Continue reading Help at Hand to Improve your Internet Connection
Organic Farmers in Wales are able to apply for financial support from the Welsh Government in recognition of the environmental services they provide. The Glastir Organic scheme will operate as a stand-alone, while any voluntary options can be integrated within the other Glastir schemes. It is specifically aimed at environmental goods and services which: Combat … Continue reading Funding For Organic Farmers In Wales
Certain plant and machinery can qualify for what’s known as Annual Investment Allowance (AIA), which allows businesses to claim for the cost of the new asset (up the specified threshold) in the year of purchase. The current Annual Investment Allowance is £200,000 (in the year to 31 December 2015 the limit was £500,000) and it’s … Continue reading Tax Allowances on the Farm
Whilst farming has its own key fields in which farmers and farm managers must succeed to eke out a profit, the importance of the “numbers” can often be misunderstood or forgotten about completely. With the Brexit decision leaving many farmers wondering where the next subsidy is going to come from, cost analysis and performance monitoring … Continue reading Farmers – Analysis Breeds Performance.
Age is only a number, yet it rarely comes along by itself. Despite this, employment law changes have resulted in the retirement age of 65 for men and 60 for women being abolished. As a result, many farmers are now working beyond this and it brings added pressure for the employer and employee alike. … Continue reading Farming Retirement
New regulations which affect landlords in Wales may also have implications for tenant farmers who sub-let dwelling houses. The Rent Smart Wales scheme was introduced by the Welsh Assembly with a view to improving the quality and standards of Welsh housing in the rental sector. The legislation comes into force in November 2016, by which time all … Continue reading Tenant Farmers – Are You Sub-Letting?