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FC Wales smooths passage to important woodland

With its fascinating historical features, enchanting scenery and strong links to the end of the last major ice age, i Parkwood on the Gower is a popular tourist location. Forestry Commission Wales has stepped in to ensure a smoother passage into this environmental jewel after the Welsh Government woodland became the victim of its own alluring beauty. The road allowing access to the site of special scientific interest (SSSI) was showing signs of serious wear and tear, with badly pot-holed areas testifying to Parkwood’s popularity.

 
Saffery Champness comment on CAP Reform announcement

Commenting on the announcement on CAP Reform by EU Farm Minister, Dacian Ciolos, Andrew Arnott, a partner of  Saffery Champness Landed Estates & Rural Business Group says: “There was not much in the announcement that had not already been leaked. However, it confirms the intention to distribute subsidies more evenly by way of a cap on payments to farmers at 300,000 euros (£261,240) per year.  A progressive levy, to be applied on all payments exceeding 150,000 euros (£130,620), was also announced as a proposal. Assuming that the proposals will be approved by both the EU parliament and all member states, this will be bad news for many large arable farmers and some medium scale farming businesses, including those in the uplands.It remains to be seen whether the ‘sustainable and inclusive growth’ for European agriculture can really be achieved through these proposals.  I think they could, as they stand, have the opposite effect, acting as a disincentive to invest for farm businesses that are highly-mechanised with lower staffing levels”.

 
Leaked proposals for the reform of CAP entitlements

News has recently been leaked from the European Commission that farmers who claim more than €150,000 from the direct support element of the CAP (Pillar1), will see their entitlement payments progressively capped.  Commenting on the leaked proposals Mike Harrison, a partner of Saffery Champness Landed Estates & Rural Business Group, says: “There is a strongly worded proposal for progressive cuts in the entitlement payments above €150,000 ( £127,000) with a cap of €300,000 (£255,000)”.   Whilst the new regulations will apparently incorporate an allowance which reflects the farm’s wages bill, which is welcome news and should mean that both larger and smaller farms are treated equally, there will be a discrimination for those using external contractors

 

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Home Farm finance & grants VAT: Safferys explain the new partial exemption rules
VAT: Safferys explain the new partial exemption rules PDF Print E-mail
Written by Colin Thomson   
Sunday, 08 August 2010 16:38

 VAT exemption rules explained

The partial exemption rules were revised with effect from 1 April 2010. There are two main changes: revised “de minimis” tests (there are now three) and the introduction of a new annual test.  “Up to 1 April 2010 there was one de minimis test – if your exempt input tax in relation to your purchases did not exceed £7,500 per annum on average, and if it was no more than 50% of your total input tax, you could reclaim all your input tax. That test remains unchanged and, unfortunately, yet again the thresholds have not been increased.

“However, two new tests have been developed. They are intended primarily as simplification measures compared to the full test, but in fact they can produce slightly different results. Under the new tests you are ‘fully taxable’ if your exempt sales are not more than 50% of total sales and:

• total input tax is not more than £7,500 per annum (£625 per month on average), or
• total input tax less total taxable input tax is not more than £625 per month on average

Douglas Gordon says:” Under the new annual test a business that was fully taxable at the end of a VAT year can opt to treat itself as fully taxable for the whole of the following year instead of carrying out the usual quarterly calculations. A calculation must be carried out at the end of the second year, and if the de minimis tests are not met the over-claimed input tax must be repaid. One of the conditions for applying this annual test is that you do not expect your total input tax to exceed £1 million”.

Last Updated on Sunday, 08 August 2010 17:03
 
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