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Farm Business
Agricultural Matters
Keep farming and contracting business seperate?
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<blockquote data-quote="Oscar" data-source="post: 7700528" data-attributes="member: 3887"><p>Only thing to watch ( I m doing same as you by the way) is that as a farmer you can do 5 yr averaging of profits/ losses but not contracting so if the contracting is making money and the farm is only just breaking even say , technically (if the accountant is following the law) even if you run one buisness, one a/ c one vat number , the profits/ losses should be treated separately .</p><p>My case , all run through farm a/c , that contracting initially was smaller than farm turnover wise but then grew to same plus another diversification kicked in which has meant that farm is only 40 % of turnover now so last couple years I have not been able to do 5 yr averaging.</p></blockquote><p></p>
[QUOTE="Oscar, post: 7700528, member: 3887"] Only thing to watch ( I m doing same as you by the way) is that as a farmer you can do 5 yr averaging of profits/ losses but not contracting so if the contracting is making money and the farm is only just breaking even say , technically (if the accountant is following the law) even if you run one buisness, one a/ c one vat number , the profits/ losses should be treated separately . My case , all run through farm a/c , that contracting initially was smaller than farm turnover wise but then grew to same plus another diversification kicked in which has meant that farm is only 40 % of turnover now so last couple years I have not been able to do 5 yr averaging. [/QUOTE]
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Keep farming and contracting business seperate?
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