- Location
- People's Republic of South Yorkshire
Can average it out..
Last year was big loss.
Year before was not much in pot after 100% rape wiped out to flea beetle.
M
Do you all just pay the Tax?
- Thread starter Neddy flanders
- Start date
Last year was big loss.
Year before was not much in pot after 100% rape wiped out to flea beetle.
M
i dont agree with that. farmers are price takers, as they have spent a year producing a product and then have a finite time to sell it, so they take whatever they can get. i do see the basic point you are making though, all business needs to be competitive or they will fail, that is not the same as price taking though.
the difference is that our input costs are not always connected to the prices we receive, whereas generally in business a higher cost of producing a good or service will increase the market value
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Do get some pension contributions in however small; because if you find yourself in a fortunate position to be able to go back and fill up unused previous years contributions from a windfall, you cannot do so unless you have already made some pension payments.
Don't ask me how I know this ...
Don't ask me how I know this ...
dinderleat
Member
- Location
- Wells
Try to manage tax as much as possible with pensions and reinvesting in machinery and infrastructure. But I don’t loose any sleep over paying tax it means we can pay down on loans and have money for investments out side of farming. If we weren’t making a profit I wouldn’t do it, it’s that simple.
dinderleat
Member
- Location
- Wells
And when I mean by machinery I only buy kit when it’s due to change or I can see a return on the investment and not any time sooner just to save tax.
- Location
- LINCOLNSHIRE/KENYA
Here we pay ourselves a salary on which we pay PAYE then if there is money left over we take that and pay tax on it. If we need machinery etc we buy it if we can. There’s no point buying stuff you don’t need. Might as well put it away for a rainy day.
No a sipp is self invested in that you decide on what to invest in, you have a pay a company that is registered to administer it, they can take 2% of the pot to fill out a few forms each year, if you have a family that wants to farm then if the sum is large enough a sipp can be a good way to invest pension funds into land for most farms with lowish profits its debatable imv.
A self administered pension is better but even that has costs and complications I spent a lot of time a few years ago looking at the various options, I do all my own tax returns etc so like to think I understand the pros and cons, in my situation I decided paying tax on profits and refurbishing sheds into rental units and claiming legitimate costs back then renting out was the best long term investment for me, the downside is not being able to claim the vat back as I then need to add that to rents, most of ours are rented to smallish one man businesses that arent vat registered.
I appreciate that not everyone has the opportunity we have here and that pensions can work or a buy to let but that isnt what it was and more and more aggro and red tape.
- Location
- Scottish Highlands
That's exactly what I wrote. All businesses are price takers. Apple spend way more than a year designing and building a new device, then have to take whatever they can get for it too. Don't think that they just decide what they want to sell something for on a whim - the market decides their price point for them just as it does for you.
- Location
- Scottish Highlands
Because I wrote it in Post 46? We can always wallow in our misery together.Do get some pension contributions in however small; because if you find yourself in a fortunate position to be able to go back and fill up unused previous years contributions from a windfall, you cannot do so unless you have already made some pension payments.
Don't ask me how I know this ...
Apple is a bit of a conundrum to me,yes they do have a price point but it is way above the price point of their competitors,how does that work
I lost £19,000 last year according too my accountant I can’t say I felt like I did
Almost as bad, is my Missus being taken through the books a few years back.... "Well if we made a profit, then where is my share...?"
Not impressed when I pointed out the "new" car she was going off in later that day, was "her" share!
- Location
- Scottish Highlands
Apple is a bit of a conundrum to me,yes they do have a price point but it is way above the price point of their competitors,how does that work
I ask myself the same with others' lambs at Dingwall often and come to the same conclusion. They're better aligned with what the customer wants than their competitors and the difference is worth the premium.
Typed on a Macbook, with an Iphone sitting next to me.
Apple are selling a lifestyle, people buy it *because* it is expensive. Same thing as diamonds, or champagne or designer clothing. Wagyu is the closest thing in agriculture.Apple is a bit of a conundrum to me,yes they do have a price point but it is way above the price point of their competitors,how does that work
- Location
- Northumberland
- Location
- Scottish Highlands
I can't imagine that any Windoze laptop would have had the longevity of my Macbook either - they're not much more when you consider lifetime costs.
on the flip side, i dont buy anything apple as the specs are dire and the software is not good for CAD. also they should be wearing a mask and striped jumper.
had my £380 windows laptop 8 years and i expect it will do at least another 3. you think a poverty spec macbook will last 33 years? my laptop stilll has higher spec than a new £1000 macbook 8 years later.
if that isnt price-setting from apple then i dont know what is.
once upon a time yes, there is nothing between them nowadays. apple have kept the awful batteries and planned obsolescence though