Welcome to…….

Gemma Parnell, our new payroll manager who works alongside Chris and Cath in the department. We have been looking to expand the department for a while and now have the right staff  in the right place to facilitate.

Will Barratt, a college leaver has also joined as a AAT student.

We welcome both to 7 Billing Road.

 

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Uncertainty and stupidity

No one really enjoys uncertainty and this year farmer’s currently have a surfeit of it. The usual factors of weather, growth, conception and yields are currently joined by some new contenders; Brexit, the effect of WTO tariffs and subsidy withdrawal to name but three. (Heaven help us if Mr.Corbyn were to assume power, that would certainly be number 4.)

There is also a marked differential between the old and new. The former are natural phenomena, largely outside the control of humans, let alone farmers, whilst the latter are wholly of human creation and some might say borne out of needless stupidity.

However, the potential effects of both categories may be same. Either can decimate the farming profit and loss account. The key question appears to me to be ‘for how long’ are the man made uncertainties to last. Farming is a well capitalised industry and can absorb and survive most short term failures, that has always been the case.

But. It has always been the case that British (and European production) cannot viably compete with the US on a world market. That fact has always been recognised by way of commodity price support which has lately morphed into a reward for ‘good agricultural and environmental conditions’. Without such support, European farmers will struggle to survive, let alone compete.

Therefore the fear is currently that man has the ability to self harm to a far greater extent than mother nature has traditionally inflicted. Uncertainty or stupidity?

 

 

 

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MTD – This is not an April Fools……………

Wef.1st April 2019 the new MTD compliance regime comes into play. If you require help in this connection please let us know and we will do what we can to help. For those clients who have opted for our in-house solution please follow the directions on our website page marked MTD – login for clients.

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The loss of the American family farm

Please find a link to the Guardian article concerning the above. Scary stuff – but could it happen here too?

https://www.theguardian.com/environment/2019/mar/09/american-food-giants-swallow-the-family-farms-iowa

 

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Make Tax Digital (MTD) – again……….

It would appear that the most sensible issue surrounding MTD is its implementation date – 1st April 2019. Very ironical.

We have tried to keep our solutions easy to understand and as cost effective as possible, so please see the separate page on the website dealing with the matter, which is essentially one of enforced computerised bookeeping.

My biggest complaint is that this major change in the reporting of business transactions went through parliament without even being debated. (They were too busy messing about with Brexit). This seems to me to be a major infringmenet of civil liberty, but one that has never even been discussed, or the implications explained. Such is life…..

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New year – New challenges

2019 has already started off with the farce that is Brexit showing no sign of resolution. Only the Brits could get themselves into this sort of pickle, largely through a mixture of disinformation, stubbornness , nostalgia and pride.

Clearly, until the mess has been sorted the country lies in limbo, waiting to see what happens. There is absolutely no doubt that in the meanwhile businesses large and small are waiting to understand the outcome and as a result, business inertia has certainly grown. Oh dear.

On the agricultural front there is also little optimism, with the apparent rise of veganism and exorbitant fodder prices to feed what animals are still being reared. One wonders what the purpose of the mandible is if we are simply to suck on eggs and vegetables in the future.

However, to end on a positive note, it has always been the case that major issues will always breed major opportunities. So, may I suggest that we consider lorry parking and vegetable dicers as possible diversification projects?

Happy new year and we haven’t even mentioned MTD (!)

 

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New staff Members

We are pleased to advise that we have two new members of staff:

  • Aaron Taylor – a 1st class Accountancy Graduate from Northampton and
  • Helen Crane – a qualified farm bookeeper to help specifically with the MTD legislation.

A warm welcome to both.

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2018 Budget

Please find the 2018 budget in full. Main features:

  • Annual investment allowance to 1 million.
  • Changes to Entrepreneurs relief.
  • Digital services tax to be introduced.
  • Personal Allowances to rise to 12,500
  • Higher rate taxes to start at 50,000

As per usual, if you have any specific queries do please telephone.Budget_2018_red_web

 

 

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Make Tax Digital

The April 1st 2019 deadline is fast approaching. After that date the first stage is for all VAT registered businesses to submit their returns using MTD compliant software. This is not the same as just using online submission as more information is required to be sent. The software houses are updating their offerings so as to comply.

Therafter, it is currently mooted that the next stage will follow a year later in April 2020, when the policy is extended to income tax compliance. We shall see. Much is still unclear, though if you require guidance as to how to comply with the 2019 needs do please contact us; existing client or not.

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The 2018 Agricultural Bill

Please find details of the Bill below:

https://www.gov.uk/government/news/landmark-agriculture-bill-to-deliver-a-green-brexit

Please remember that this is a Bill and has yet to go through Parliament. Given the uncertainty around Brexit and how that plays out, it is far from certain in my mind that this will reach the Statute Book. We shall see……….

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