Wife putting afew hundred pounds in to farm account.

[Greythundercloudys]

My wife has a good job and has started putn a few hundred pounds in to the farm account, to help pay for the payments on the car, etc, so this money is taxed before it goes in, but how does that work for tax on the farm income, don't won't taxed twice.

 

[teslacoils]

Capital introduced. It's not farm "income".

 

[Henarar]

The car as in the one she drives to work ?

 

[Greythundercloudys]

Yes,

 

[Johnnyboxer]

Is it her car ?

You should keep the car out of the business accounts if she is part subsidising the HP maybe and instead charging 45p/mile (up to 10,000 miles pa) for the farm’s business use of the car

Ask your accountant?

 

[Exfarmer]

You need to draw up a capital account, show it as a loan to the business.

 

[marshbarn]

You need to draw up a capital account, show it as a loan to the business.

Can it not be put in as a negative drawings?

 

[mark perego]

Invoice her! Services rendered.. is she a babe?

 

[fgc325j]

My wife has a good job and has started putn a few hundred pounds in to the farm account, to help pay for the payments on the car, etc, so this money is taxed before it goes in, but how does that work for tax on the farm income, don't won't taxed twice.

Is this the way things are going for Farming, i.e if you want to farm you need a wife with a well paid job, who is happy to cover
the household expenses, and chip in to support your farming hobby?.

 

[Robt]

Is this the way things are going for Farming, i.e if you want to farm you need a wife with a well paid job, who is happy to cover
the household expenses, and chip in to support your farming hobby?.

and the farm pays fro her car.... its give and take, GET A GOOD ACCOUNTANT! rather than a bad tax inspector

 

[teslacoils]

Is this the way things are going for Farming, i.e if you want to farm you need a wife with a well paid job, who is happy to cover
the household expenses, and chip in to support your farming hobby?.

Yup

 

[David.]

For goodness sake fallow the lot off in a scheme and stack shelves in Aldi.
The whole supply chain is relying on farmers (or rather their wives) to pay for the privilege of growing their raw materials for them at a loss.

 

[7610 super q]

Ludicrous isn't it. But we get to live in nice houses in the country. And I for one am too lazy to go about selling up and moving.

 

[David.]

It saddens me too, farm wives going out to work to prop up a farm.

 

[Jackov Altraids]

There won't be many British farmers that aren't subsidising their produce.
It goes hidden as wives wages, free labour, unconsidered capital costs and diversified incomes.
It will take the removal of BPS for many to wake up and smell the coffee.

 

[S J H]

Is this the way things are going for Farming, i.e if you want to farm you need a wife with a well paid job, who is happy to cover
the household expenses, and chip in to support your farming hobby?.

I think it’s only if there are too many outgoings.

We get a hell of a lot more benefits than other industries.

 

[7610 super q]

I sniffed the coffee bean based beverage in 2005 when I lost my subsidy. I jacked in making hay trying to compete with those selling at £10/ bale ( round ). Baling straw is the next thing to get kicked into touch. Things simply have to make money. Thread derailment, sorry.

 

[Highland Mule]

It saddens me too, farm wives going out to work to prop up a farm.

Reads more to me that the farm is not only supporting itself, but paying part of the running costs of a car for the non farming partner. Probably financially strutured that way as a tax benefit too - certainly that's what I would do if it was me.

Let's not forget the multitude of benefits you get from running your own business from your own home, and manipulating the finances to your benefit. How many of us pay for our mobile phone from taxed income, for a start?

 

[M-J-G]

I just keep the car out of the business, it's more straight forward.

 

[MRT]

Phone your accountant