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
Farmers are being reminded that the 2015 deadline for applying for the new Basic Payment Scheme is now fast approaching. There has been some pressure on the Welsh Government to extend the May 15th deadline (as granted in England) but there is no sign of this happening. Applicants should complete and submit their forms earlier … Continue reading Basic Payment Scheme – Are You Ready?
If you have made a Capital Gain selling assets it is important to check whether you can save tax by using the Capital Losses from purchased Single Payment Scheme entitlements. In Northern Ireland, Scotland and Wales all Single Payment Scheme entitlements ceased to exist on 31 December 2014. This means that the cost of purchasing … Continue reading Capital Losses On Single Payment Entitlements
As part of Common Agriculture Policy Reform, farmers need to demonstrate compliance with Greening measures to receive Basic Payment in 2015 in full, 30% of the payment made of this Greening element. The Welsh Government have just published a Guide to the Greening Rules which will not be a quick read for most. The Key … Continue reading Greening In Wales