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Farming & Rural Business Community practical perspectives

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

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Farmhouses - accounting and tax issues

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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.

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.

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.

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 practical perspective recaps our accounting treatment of foreign currency transactions.

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 in 2018.

Renewables

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

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.