Farms and Rural Business

On 19 May 2021, the Government published a consultation document on the design of execution of the lump sum exit scheme, which would enable eligible retirees from the farming industry to take some of their remaining subsidy payments by way of a single lump sum in 2022. 

Partner and farms and landed estates specialist, Steve Rudd, highlights the latest details about the Sustainable Farming Incentive.

Ever since the launch of the Health and Harmony consultation early in 2018, the question of the design and financial impact of the proposed Environmental Land Management scheme (ELMS) has been a matter of concern and conjecture for farmers and land managers. 

After decades of watching Budget presentations which ended with a the “sting in the tail” one almost felt that Rishi Sunak must have lost the back page of his speech whilst on the way to the despatch box.

The question of tax relief on farmers’ grain stores has puzzled practitioners for some years. The structures and buildings allowance may now be available for new buildings, but relief is limited to 2% a year. Agriculture plant and machinery allowances can provide up to 100% tax relief within the annual investment allowance, but buildings generally are not eligible.

We explain some of the possible tax implications of common farm diversification methods.

It’s a question I’m sure many farmers ask themselves at some point … should I consider doing something different? If you love farming then I’m sure the answer is a quick and confident no, but should it be?

There are many sayings about managing cash in a business – “cash is king” and “turnover is vanity; profit is sanity; cash is reality” to name but two. With many farms and estates diversifying their businesses, how can you be sure which part of the business is contributing to the cash inflow?

In February the Government published a consultation document entitled “Health and harmony: the future for food, farming and the environment in a Green Brexit.” The document runs to 64 pages and sets out possible options for the future of UK farming over the next generation. It should be regarded as compulsory reading (The NFU have produced a more manageable 14-page summary).