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Farming & Rural Business Community helpsheets

A collection of helpsheets, exclusive to Farming & Rural Business Community subscribers.

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Agricultural waste - a duty of care

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This helpsheet outlines the current agricultural waste regulations and highlights some of the complexities of managing various types of farm waste, as well as guidelines on correct handling to avoid penalties.

FRS102 and FRS105 helpsheet

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The adoption of FRS 102 and 105 for company accounts has implications for the management and implementation of agricultural accounts, from the treatment of grants through to taxation. This helpsheet is intended to act as a guide to the interpretation of the FRSs rather than a detailed checklist.

Accounting for exchange rates on euro loans and Basic Payment Scheme (BPS)

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Since Basic Payment Scheme (BPS), previously Single Farm Payments (SFPs), can be paid in euros, this means that some farming clients will have transactions and balances in currencies other than sterling. This helpsheet recaps our accounting treatment of foreign currency transactions.

Herd basis

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For many years, farmers have had the option of putting productive herds onto what is known as the herd basis and treating these as a long term capital asset rather than part of their trading stock.

Contract farming

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The term ‘contract farming’ covers a multitude of arrangements, ranging from relatively informal labour or machinery sharing between neighbours up to sophisticated arrangements, the implications of which need to be considered from both economic and fiscal perspectives. Issued May 2014.

Points to consider on a change in partnership

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This checklist is intended to enable practitioners to ensure that their clients deal with the many loose ends that may arise with a partnership change. Inevitably it cannot address all the issues as each partnership is unique, but it should provide a framework for you to follow. Issued January 2014.

VAT on approved alterations to listed buildings

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From 01 October 2012 approved alterations to listed buildings have been subject to VAT at the standard rate. These were formally zero-rated. The change has no affect on repairs and maintenance which, in line with work on non-listed buildings, has always been standard-rated. Issued June 2013.

Tax credits in the family farming finances

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Tax credits can provide a welcome financial boost for families on low incomes, which could well include farmers whose profits have taken a knock in the recession. Issued September 2010.

Farmhouses - accounting and income tax issues

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Farmhouses have always been somewhat problematic from an accounting and taxation perspective. Historically, the farmhouse enjoyed a favoured tax status with up to one-third of the expenses being allowable for tax purposes. Issued May 2010.