Farming & Rural Business Community practical perspectives

The term contract farming has become ever more used in the farming industry as it covers a multitude of arrangements, ranging from relatively informal labour and machinery sharing arrangements between neighbouring farmers up to quite sophisticated whole farm arrangements. The cashflow, economic effect and the fiscal perspectives all need to be considered when looking at a contract farm arrangement. This help sheet will concentrate on the more sophisticated arrangement often referred to as Whole Farm Contracting (WFC) or stubble to stubble arrangements. Issued June 2020.

Farmhouses have always been somewhat problematic from an accounting and taxation perspective. Historically, the farmhouse enjoyed a relatively favoured tax status. However, careful consideration is required in terms of the correct tax treatment. Issued in November 2019.

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.

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.

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 in 2018.

Practical perspectives on the taxation of renewable energy sources in the farming community. Issued in June 2018.