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Farm Business
Tenant Farming, Subsidies, BPS & Legal Issues
Thoughts on loosing BPS and replacing with ELMS?
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<blockquote data-quote="GeorgeK" data-source="post: 7742432" data-attributes="member: 106748"><p>I think it's critical going forwards that people define their farming as business full/part time or hobby so it can be managed effectively. If it's a business either full or part time it needs to pay an adequate wage and provide a return on investment. If it's a hobby then it's done for enjoyment and will probably cost money, break even or involve working without remuneration and this changes the decision making process significantly. Ideally you should have a budget for a hobby and of course the 'work' is optional, you should only be doing it if you enjoy it.</p></blockquote><p></p>
[QUOTE="GeorgeK, post: 7742432, member: 106748"] I think it's critical going forwards that people define their farming as business full/part time or hobby so it can be managed effectively. If it's a business either full or part time it needs to pay an adequate wage and provide a return on investment. If it's a hobby then it's done for enjoyment and will probably cost money, break even or involve working without remuneration and this changes the decision making process significantly. Ideally you should have a budget for a hobby and of course the 'work' is optional, you should only be doing it if you enjoy it. [/QUOTE]
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Farm Business
Tenant Farming, Subsidies, BPS & Legal Issues
Thoughts on loosing BPS and replacing with ELMS?
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