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
You should by now have filed, or be the process of preparing, your tax returns for 2016/17. Have you remembered however, that as of 6 April 2016, farmers have the option to average their profits over five years? Two-year averaging is still available, and you can choose which is most beneficial for you – two-year, … Continue reading Can You Save Tax with Five-Year Farmer’s Averaging?
Business Property Relief (BPR) can exempt assets from Inheritance Tax (IHT) on the basis that they were used in a genuine business, assuming all other qualifying criteria is met. It is not available where the business activity is wholly or predominantly holding investments. In The Estate of Maureen W Vigne (deceased) v HMRC , HMRC … Continue reading Taxpayer Victory: Tribunal Grants Inheritance Tax Relief to Livery
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?
The EU and China are seeking 10 young farmers to take part in a fully funded exchange programme to share knowledge and farming experience. Programmes for the trip are still being finalised but the aim is to include farm visits and discussions, visits to research institutes, government meetings and various training workshops. The main objectives … Continue reading Farming in China Exchange Opportunity
The Tesco Future Farmer Foundation is looking for young people in UK & Irish farming who are keen to develop a successful future in agriculture. Running from 19 June until 29 September 2017, the programme is available for those aged between 20 and 35 from all farming sectors, and aims to help in four particular … Continue reading Apply Now For Tesco Future Farmer Foundation
Farmers who HMRC have ejected from the Agricultural Flat-Rate Scheme (AFRS) may be entitled to a repayment or compensation. An opinion from the advocate general to the European Court of Justice has led to the belief that many who feel they have been unfairly removed from the VAT simplification scheme may be able to make … Continue reading Ejected Farmers Could Be Entitled To Compensation