Now is the time to try out something different on your farm to enhance your performance as well as your bank balance…
We all know that British farmers are amongst the world’s most innovative performers when it comes to experimentation with new farming techniques and tools.
There is a growing awareness and social consciousness in regard to treat agricultural land well and to maximise what we can get from our production process.
But what our British farmers aren’t so great with though is claiming for the tax breaks they are entitled to in the form of tax credits or enhanced deductions for research and development expenditure.
The UK Government provides tax credit for research and development for many industries and there are quite a few farmers that have made successful claims using this provision that can be found on the government website. If you are a farmer who is trying out new techniques to enhance your farm’s production, you could be entitled to claim research and development claims that could be worth a lot of money, and in today’s climate, that isn’t something to ignore!
Your Farm is as Important as a Science Lab…
One of the main reasons farmers fail to make a claim for the great work they are doing is because they don’t realise the work they are doing actually qualifies for R and D tax credits.
Many farmers associate research and development with what goes on in the science laboratory – so, if you are in the process of trying to find ways to help limit the spread of infection during the milking process which in turn helps to speed up the end-to-end process, you are carrying out R and D, even if you don’t recognise it as such…
Any costs which are accrued during processes to enable better production, can be claimed back through tax credits.
The thing is is that any everyday activities which you as a progressive farmer undertake to ensure the production of your farm is smooth and efficient could actually earn you money as the R and D tax credits are a form of tax relief which is designed to encourage you as a progressive farmer, to be innovative and inventive while carrying out your everyday activities.
Farmers Weekly have a very helpful initiative that explains this in further detail and encourages farmers to claim. More information about this can be found here.