Feel the Benefits of Five-Year Averaging

Five-year averaging has the potential to offer farmers big tax savings, by reducing tax rates and allowing retrospective claiming of beneficial tax reliefs. From 2016-17, HMRC agreed farmers could, under certain circumstances, chose to average their profits over two or five-year periods for income tax purposes. Five year averaging has proved more beneficial than initially … Continue reading Feel the Benefits of Five-Year Averaging

Farmers Using Drones

Forward-thinking farmers are now using drones to help with the maintenance of their farms, but it is important that they understand the responsibilities and legal requirements that come with their use. Drones are an efficient use of technology to remotely monitor what is happening on a farm. They can be utilised to review and assess … Continue reading Farmers Using Drones

Is a Grain Silo Plant?

The age old conundrum of whether an item is classed as “plant” for capital allowances, or whether the expenditure was on a building or structure can be difficult to resolve but with different allowances for each category, it is important to be sure expenditure is classed correctly. It all boils down to the “with which” … Continue reading Is a Grain Silo Plant?

Anger at Welsh Government 2020 Plans

New regulations to come into force for Welsh farmers in 2020 are being described as ‘disastrous’ for the sector, especially with the uncertainty of Brexit looming on the horizon. Announced in November last year, the regulations coming into force from January next year include measures such as nutrient management planning, sustainable fertiliser applications, protection of … Continue reading Anger at Welsh Government 2020 Plans