Wife putting afew hundred pounds in to farm account.

texas pete

Member
Location
East Mids
What about putting a few hundred pounds in to the wife?


Asking for a generously proportioned friend

Still keen???

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Jackov Altraids

Member
Livestock Farmer
Location
Devon
It's not a fortune, she wanted a new car and said she would pay the extra and the insurance, the farm pays for everything else, and has done for ever till last month, just don't want taxed twice, but reading on here l won't.. Most folk who's wife works is glad of the extra money.

A perfectly reasonable question and I hope you have found some of the replies to be helpful.

Please don't take the general discussion on your thread about wives wages being used to prop up farms as any kind of comment on you personally. My posts are not aimed at anyone as much as I'm trying to convey a problem that can arise which I am acutely aware that I must avoid.
I think in your circumstance it really doesn't matter where you deposit the monies, you just need to do what works best and let your accountant do what's best 'on paper'.
There will be many who have for perfectly good reason, paid private money into their farm. It will just be to we sell the next lot of 'A'. It only takes a few unexpected bills and you can find the farm depending on the income of a spouse and that is not a good place to be.
 

Nearly

Member
Location
North of York
If you can still offset losses made on the farm against say, higher rate income tax paid by the wife then let the taxman put a few pounds in the pot at the end of the tax year?
 

Johnnyboxer

Member
Location
Yorkshire

I can’t see those circumstances applying to the OP.

Me neither,that is why I asked ‘Hampton’ to show me where it would be applicable to a car used for occasional farm business, but mainly by the wife for social, domestic and pleasure (plus commuting) purposes
 

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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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