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Farm Business
Tenant Farming, Subsidies, BPS & Legal Issues
Payment timings for Mid/Higher Tier
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<blockquote data-quote="Frank-the-Wool" data-source="post: 5901382" data-attributes="member: 699"><p>This is one of the greatest Con tricks that we all unwittingly signed up to.</p><p>Those of us that have been in environmental schemes for many years have seen our situation completely change. Originally we were paid in advance for income foregone.</p><p>Now gradually we have been paid in arrears, however the Con has been that they only said when we would be paid in the first year, which was because they moved the start date to the 1/1 of every year the majority of us had no money for a few months.</p><p>The next Con was that with most environmental schemes you have to actually spend money, so they give you the first payment (75%) in year one in December (or in many cases between January and March the next year) with the other 25% in June, possibly.</p><p>This year as far as I know the payment due in December will not be paid until the end of March!!</p><p>As far as I can see after the first year there is no schedule of payments so we just hope they will pay us!</p><p></p><p>So you are quite right about what you say to your accountant, but to avoid paying too much tax you probably need to include the money in the year when you should have received it, even if you don't get it!!</p></blockquote><p></p>
[QUOTE="Frank-the-Wool, post: 5901382, member: 699"] This is one of the greatest Con tricks that we all unwittingly signed up to. Those of us that have been in environmental schemes for many years have seen our situation completely change. Originally we were paid in advance for income foregone. Now gradually we have been paid in arrears, however the Con has been that they only said when we would be paid in the first year, which was because they moved the start date to the 1/1 of every year the majority of us had no money for a few months. The next Con was that with most environmental schemes you have to actually spend money, so they give you the first payment (75%) in year one in December (or in many cases between January and March the next year) with the other 25% in June, possibly. This year as far as I know the payment due in December will not be paid until the end of March!! As far as I can see after the first year there is no schedule of payments so we just hope they will pay us! So you are quite right about what you say to your accountant, but to avoid paying too much tax you probably need to include the money in the year when you should have received it, even if you don't get it!! [/QUOTE]
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Payment timings for Mid/Higher Tier
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