After a busy summer of visiting agricultural shows and speaking to numerous experts, there is clearly much talk about examples of innovation taking place in the farming industry and the availability of grant funds in certain counties to support this. This is very encouraging given the relatively difficult recent times and uncertainty on the horizon around subsidies and farming in a post-Brexit world. Personally, I am a bit of a technophobe but I acknowledge the need for the sector to consider new ideas and where appropriate, embrace technology.
Innovation, however, is more than just embracing the latest technology. I regard innovation as being about the introduction of new things and methods and perhaps ‘thinking outside of the box’, questioning business practices and considering alternatives. To that extent it is important that we all, whether we be accountants or farmers, take a look at our businesses regularly to consider the opportunity to innovate in order to ensure that they remain competitive and ahead of the game.
In this edition of Farming Matters we look at examples of innovation and explore the benefits of BioGas Micro AD Units, the success of robotically grown crops and the use of drones! In addition, we have a case report on business property relief (BPR) and livery yards, look at the employment status of farm workers, give an update on making tax digital (MTD) and important information on the annual tax regarding enveloped dwellings (ATED). We finish with a summary of the latest tax changes, followed by a piece from a recent farm walk.