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
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
Basic Payment Scheme payments for 2017 will be just under 5% higher than in 2016 due to the currency exchange rate. Under the rules of the Common Agricultural Policy (CAP), support payments for the UK are set in Euros and then converted to Sterling by using the average exchange rate across the month of September. … Continue reading Weaker Pound Leads to Higher Subsidy Payments
The 13th September marks Back British Farming day, with many MPs wearing a corn and horns badge to show their support for British farming. The special day is a rallying call to encourage MPs to use their positions to support the industry, especially with upcoming Brexit negotiations. The special badge has been sent to all … Continue reading Back British Farming Day
A recent survey by the Food and Drinks Federation has shown that many in the “farm to fork” sector of UK industry are worried that their businesses will become unviable if they lose their EU workers in the wake of Brexit. More than a third of businesses said that they had already lost many of … Continue reading Concerns over the Future of EU Workers
Further to our blog in April regarding the Farm Business Grant Scheme, the Welsh Government will be opening the second window for those to apply for the scheme this month. As last time, the window will be open for two months, with a total of £40m funding available over the course of the scheme running, … Continue reading Second Window for Farm Business Grant Scheme
A recent study by The Prince’s Countryside Fund (PCF) has suggested that the public’s view of the life of today’s farmers is a long way from the truth. Around 25% of those adults who took part in the study said that they found the idea of giving up their day jobs to go and work … Continue reading A Farmer’s Life – Through Rose-Coloured Glasses?