Tax Question?

You will have laid out money for the wood, and therefore have a lower end of year bank balance, however, the wood in stock should be in your end of year valuation, at cost (not resale value).
Therefore, the profit or loss for the year will be a reflection of the increase or decrease of cash in the bank (or borrowings) and the increase or decrease in the value of wood in stock over the year.
I'm not any sort of accountant by the way, so could be wrong!
 

gatepost

Member
Location
Cotswolds
as above, what you have bought and sold again within your tax year will be reflected in your profit and loss account, the difference in purchase plus costs of turning into and delivering out as firewood will be profit however if you say bought 10 tons and only sold 5 within the year will mean that you have 5 tons at cost price on your balance sheet in other words like cash in the bank. hope that helps, sort of!
 

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Red Tractor drops launch of green farming scheme amid anger from farmers

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As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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