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?
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 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
A recent survey undertaken by YouGov reveals that farming businesses feel that they are not getting sufficient support from their banks. Over 1,000 small and medium farming businesses took part in the survey, with over 30% stating they would like to see more commitment to the agricultural industry from banks. One of the biggest concerns … Continue reading Farmers and Banks – a Relationship on the Rocks?
Dairy farmers in Wales have until this Friday to apply for an aid scheme worth £1,800. The EU Conditional Aid Scheme is only open to dairy farmers in Wales and, specifically, those that were in milk production with a supply contract on 1 January 2016. To qualify before the deadline at midnight on Friday 30 June, producers need to … Continue reading Last Chance for Welsh Dairy Farmers
DEFRA (Department for Environment, Food & Rural Affairs) has now published revised estimates which suggest Total Income From Farming (TIFF) in the UK fell by around 7.5% in 2016. This is significantly different from their original figure of 1.5% reported earlier in the year, with the Government blaming incorrect data accounting for the error in the … Continue reading DEFRA Revises TIFF Estimate
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?
Following the announcement by Theresa May that there will be a general election in June, industry leaders in the food and farming sectors have called for all political parties to put agriculture at the fore-front of their policies. The Food and Drink Federation in particular are asking all concerned to make clear their vision for … Continue reading The General Election: What Will It Mean For Farmers?
From 5am on 10 August to 5am on 11 August 2017, “24 hours in Farming” is back supported by FG Insight and Morrisons. The aim of the event is for UK Agriculture to “shout about the industry and why they are so proud to work within it” and to show consumers how much passion and … Continue reading 24 Hours In Farming
There has always been uncertainty over whether a landowner is a farmer or a landlord for tax purposes. There has however, been a recent useful decision by the First Tier Tribunal in the case of John Carlisle Allen which has helped to clarify the capital gains tax position (and the valuable entrepreneurs relief/rollover relief ) … Continue reading Are you a farmer or a landlord?