Do you all just pay the Tax?

[Neddy flanders]

Never ceases to amaze me that there's not more threads on this forum about avoiding tax? cant believe theres not some big demands coming.
Guess farmers dont want to admit they make a profit.
Do you all just pay it regardless?
Avoid it using AIA Plant & Machinery allowances?
How else??

 

[Muddyroads]

Never ceases to amaze me that there's not more threads on this forum about avoiding tax? cant believe theres not some big demands coming.
Guess farmers dont want to admit they make a profit.
Do you all just pay it regardless?
Avoid it using AIA Plant & Machinery allowances?
How else??

Tax? End of year accounts just came back, made £1 last year after previous losses were taken into account. I called it my Clarkson moment.,

 

[Farma Parma]

Use ya loaf !!! yes AIA is a key player & so it should be on a lot of farms if your in that position.
But there is other ways inc topping pensions up & many more that i wont even know anything about likely.
Big changes coming with the BPS Swing tho, unless cereals are gonna stay well north of £200 but i bet they dont.
& the likes of £125/145 for a lamb etc

 

[cattleman123]

Tax? End of year accounts just came back, made £1 last year after previous losses were taken into account. I called it my Clarkson moment.,

Well if your a real Farmer and only earn a pound...i should sell up quickly,Why work for nothing ?

 

[Stw88]

There will be a lot of people having to bend over and take it this year……. Next year could be even worse!

 

[Steevo]

Tax? End of year accounts just came back, made £1 last year after previous losses were taken into account. I called it my Clarkson moment.,

Clarkson will be impressed he made 141x the profit of another farmer..!

At least we all know you won’t be at risk of starving!

 

[jackrussell101]

I wonder how much tax we all pay when you add up VAT, fuel duty, PAYE on top of income tax or corporation tax etc.

 

[Ali_Maxxum]

No, we don't make any money. Any potential money you think you have made is soon shat up the wall and swallowed by something. Don't you just love farming and owning machinery....

How long till wages and profit are confused again....

 

[Farma Parma]

Clarkson will be impressed he made 141x the profit of another farmer..!

At least we all know you won’t be at risk of starving!

Did that inc the BPS sub tho i dont think it did & wasnt it around £88k ontop ????

 

[DrDunc]

Some years you get to spend and "save" tax on capital allowance

Some years there's nowt left to give the bàstards

Some years you just bend over and take whatever the bank offers

Simples, no need to ask what to do

 

[puntabrava]

I would like to know how some farmers are able to go and buy 200 acres or more to add onto 700 to a 1000 acres of owned land and not have rollover money avaliable.

 

[Lincoln75]

I wonder how much tax we all pay when you add up VAT, fuel duty, PAYE on top of income tax or corporation tax etc.

Dont you reclaim your VAT? and put fuel duty and PAYE against profits ?

 

[teslacoils]

Yup. Last year's tax was awful. This year, to April 21, I'd expect to get a rebate. Next year to April 22.....well good thing I've shares in Vaseline.

 

[Blue.]

Never ceases to amaze me that there's not more threads on this forum about avoiding tax? cant believe theres not some big demands coming.
Guess farmers dont want to admit they make a profit.
Do you all just pay it regardless?
Avoid it using AIA Plant & Machinery allowances?
How else??

You’d be surprised how many simply can’t make money,an acquaintance had a planning appeal and in the process they decided he couldn’t afford to fund a new house,in black and white he’d drawn £35k in sub and made a year end loss of £45k,ffs if he’d never set foot out the door he’d have turned a profit,no wages showing for his son and worker etc,it made interesting reading as he reckons to be quite smart.

 

[Chae1]

Never ceases to amaze me that there's not more threads on this forum about avoiding tax? cant believe theres not some big demands coming.
Guess farmers dont want to admit they make a profit.
Do you all just pay it regardless?
Avoid it using AIA Plant & Machinery allowances?
How else??

Maybe cause its not that difficult to avoid paying it.

 

[David.]

You can run so long, but you cant hide.
AIA is all very well, but you wouldn't want it all lined up in rows in the front field anytime soon.

 

[Sheepykid]

I would like to know how some farmers are able to go and buy 200 acres or more to add onto 700 to a 1000 acres of owned land and not have rollover money avaliable.

This is only a observation. But generally it’s one of two ways. A huge amount of (unpaid/poorly paid) family labour. Or another business or income not ag related. Or if they are really fortunate a combination of the two. Obviously not true in every eventuality but just a local formula for success. Although I think there is money to be made in farming. I don’t believe there is enough labour out there or that farming has or does currently offer a guaranteed reliable form of income that would service large levels of debt. Even at 2%. We all have good years but to weather the crap years would be impossible in my opinion in the last 10 years anyway. Decades ago things were possibly different. But I wish them all the best of luck however they fund it. But I can think of no land purchases on any scale that weren’t solely farming income related purchases.

 

[JeepJeep]

You have to be imaginative

 

[Stewartry hill]

Pay the tax and think your self lucky some don't have that privilege

 

[kiwi pom]

No, we don't make any money. Any potential money you think you have made is soon shat up the wall and swallowed by something. Don't you just love farming and owning machinery....

How long till wages and profit are confused again....

So you take plenty in wages and pay income tax on that, its just the business that makes nothing?