A new report analysing information from the recent Farm Business Survey outlines the key factors which separate high and low performers in the farming industry. The report, prepared by some of the industry’s major organisations, including Hibu Cyg Cymru, suggests that the top performing 25% of farming businesses in the UK could make a profit, … Continue reading How to Make Your Farm a Top Performer
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?
If your farm is operating as a family business, you might think it unnecessary to have a formal partnership agreement, but disputes and broken family relationships can result where misconceptions arise over ownership of assets. It is not uncommon for the distinction between business assets and personal assets to become blurred over the years, and … Continue reading Do You Have a Formal Partnership Agreement in Place?
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
In the Budget the Chancellor announced that there will be a new Structures and Buildings Allowance for the cost of new commercial buildings after 29 October 2019. The tax relief will be 2% of the cost per year for 50 years. Clearly 2% is a low % but it is a lot higher than the … Continue reading New Tax Relief on the Cost of New Farm Buildings
UK Farmers are being encouraged to plan ahead and look at green projects with the future of UK farming likely to change. While various grants and funding are already on offer, Environmental Secretary Michael Gove plans to reward environmentally friendly farmers post-brexit. Current proposals plan to scrap the current Common Agricultural Policy, in favour of … Continue reading UK Farmers Encouraged to Go Green
Reform of existing tax measures could be on the horizon for owners of land approved for development. A report published in September 2018 by the Housing, Communities and Local Government Committee suggested that the significant increase in the value of agricultural land when planning permission is granted for residential use should be reflected in more … Continue reading Higher Taxes on Development Land?
Farmers in Wales are being offered £1,000 to help with the Welsh Government’s new Red Meat Benchmarking project, aimed at helping them assess and improve the performance of their businesses. The project, managed by Hybu Cig Cymru, will require 2,000 farmers to complete an on-line questionnaire giving information about their business activities for either 2016/2017 … Continue reading New Red Meat Benchmarking Project Offers Cash for Farmers
Following petitions fronted by Care And Respect All Dogs (CARIAD) and the RSPCA, Michael Gove has announced the intent to ban the sale of puppies and kittens from pet shops, online dealers and 3rd party sellers. From October 1st 2018 new laws in England will ban licensed sellers from dealing in puppies and kittens under … Continue reading Wales to Follow Footsteps in Puppy and Kitten Farming