The Welsh Government has released their latest proposals for a post-Brexit farm support system. The document, ‘Sustainable Farming and Our Land’, proposes paying farmers through a single scheme, instead of their previously suggested two-tiers. Payments would be based on achieving results such as improving air and water quality, which would come from producing food in … Continue reading Welsh Government Unveils New Vision
Tag: Basic Payment Scheme
Interest free government loans will now be available to all Welsh Farmers if their Basic Payment Scheme (BPS) payments are late. Farmers who do not receive their BPS funds on 2 December – day 1 of the payments window – can receive loans under the BPS 2019 Support Scheme, which will be worth up to … Continue reading Interest Free Loans to Cover Late BPS Payments
Following an unsuccessful appeal by HMRC, farmers should be able to continue to reclaim VAT against purchases of Basic Payment Scheme (BPS) entitlements. HMRC argued against farmer, Frank Smart, that the VAT incurred on the purchase of his BPS entitlements had a direct and immediate link to the subsidies which the taxpayer earned as a … Continue reading HMRC Lose VAT on BPS Appeal
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 Rural Payments Agency (RPA) has managed to spark outrage with its latest gaffe. More than 600 letters have been sent out to farmers who they think were overpaid under the Basic Payment Scheme in 2015 or 2016. The fact that really grates is that some claimants have been waiting more than 18 months for … Continue reading Rural Payments Agency Risking Wrath of Farmers
Fears have been expressed by some land agents that agricultural land prices may fall in the UK, as a direct result of Brexit. It is expected that the amount of subsidies, such as the Basic Payment Scheme, will decline once Britain leaves the EU, causing some farmers to re-consider their financial position. Many are already struggling … Continue reading Will Brexit Affect the Value of Your Farmland?
Farmers claiming the BPS are being reminded by HM Revenue & Customs that these support payments must be included on their tax returns to avoid possible fines. Several farmers have been written to by HMRC reminding them that subsidies are taxable and need to be declared on tax returns. Some may be worried by the … Continue reading HMRC Warns Farmers To Declare Subsidies On Tax Returns
It has been announced that the Basic Payment Scheme for Wales will be paid at a flat rate over the whole of Wales by 2019. In addition Welsh Ministers have decided to apply an ‘add on’ known as the Redistributive Payment for the first 54 hectares of a claim. It is great to have a … Continue reading Basic Payment Scheme Will Be Flat Rate
Rural Businesses contribute more than 440,000 jobs and in excess of £13 billion to the Welsh economy. Do your Assembly Members know how important the Rural Economy is in Wales? If you want to keep them informed or register your concerns you can email both your individual and regional AM’s (there are 5 in total) … Continue reading The Importance Of The Rural Economy In Wales
Due to the complexity of the new Basic Payment Scheme there is a risk that payments may be delayed which will have a major cash flow impact for farm businesses. The payment window is 1 December 2015 to 30 June 2016. It is very important to prepare for this as part of your cash flow … Continue reading Prepare For Delays In Receiving Basic Payment Scheme
