Latest Agriculture

27th February 2019 Brexit – What does it mean for Farming?

Britain’s withdrawal from the EU’s Common Agricultural Policy (CAP) means British farmers will no longer be able to receive EU subsidies and will not have to comply with a number of regulations. Agriculture is a small sector in the UK economy, contributing less than 1% to GDP and employing around 1.2% of the workforce. But…

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7th December 2018 Budget Changes Encourage Investment

A number of measures contained in October’s budget were designed to increase investment made by UK businesses and aimed at raising the UK’s international competitiveness. Farmers anticipating expenditure on new commercial buildings or a large outlay on machinery, may find Chancellor Hammond’s changes both interesting and useful.   Let’s look first at the Structures and…

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23rd July 2018 MTD for VAT – FARMPLAN READY!

As of 18 July 2018, HMRC has issued a list of software suppliers supporting Making Tax Digital for VAT. Amongst the list is Farmplan, the only agricultural software supplier. Farmplan has met the criteria HMRC have stipulated for Beta testing. It shows that Farmplan is committed to providing software that is compatible for MTD for…

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29th June 2018 Understanding Tax Relief Restrictions

Although we hear of decline in the value of development land, particularly for larger developments, growing houses continues to be more attractive to many than growing crops. Onerous Section 102 levies may apply but the tax regime remains gentle. It should not however be assumed that tax reliefs will be available automatically. Legislation imposes qualifying…

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2nd January 2018 Compulsory Purchase Orders: Opportunity to tax efficiently diversify?

  With numerous businesses currently being forced to sell property under compulsory purchase orders (COP’s), a little known tax rule may be of assistance in enabling you to diversify your investment in your trade into a buy-let-investment without incurring any tax: HMRC guidance HS292 Business asset rollover relief is a long established rule which allows…

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30th October 2017 Changes for Farmers in VAT flat rate scheme

  The decision has recently been published in a European Court of Justice case, Shields and Sons Partnership v the Commissioners for HM Revenue & Customs. The case revolved around the authority of HMRC to remove the partnership from the VAT flat rate scheme for farmers. It is reported that the partnership had benefited over…

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27th October 2017 Active Farmers Accountant Certificates: Recent announcement

  We have recently become aware of an announcement in October 2017 by the Rural Payments Agency regarding Active Farmers Accountant Certificates. This concerns farmers who are in receipt of payments from the Basic Payment Scheme (BPS) 2017 and follows a European Union audit requiring the Rural Payments Agency to check the active farmer status…

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2nd May 2017 Anderson’s present Farming Seminar in Ely

Once again we held our annual Farming Seminar, on the morning of Wednesday 26th April at the Maltings in Ely. Graham Redman and Michael Haverty of The Andersons Centre once again updated us on the state of UK agriculture. Graham and Michael provided some interesting DEFRA statistics with an overview of how each segment of the agricultural…

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27th March 2017 Whitings’ Annual Farming Seminar

Invitation: Prospects for UK Agriculture. Once again agriculture is facing many changes and challenges. In order for us all to try and understand the many factors affecting us we have again engaged Andersons, the Farm Business Consultants, to present to us their “Prospects for UK Agriculture” Seminar, on Wednesday 26 April 2017. We are pleased,…

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23rd February 2017 Digital Carrot or Stick?

Making Tax Digital: Looking at cloud solutions. The Cultural Revolution, according to Wikipedia, was a socio-political movement, which took place in China from 1966 until 1976. Half a century later ….. Full article in Farmer & Growers publication (March 2017 edition)   Blog entry by: James Cater.

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