F armers and food processing businesses can apply for grants under the Countryside Productivity scheme. Under the scheme, grants are available to help livestock, dairy, arable and horticultural farmers improve farm productivity through investing in new technology, such as robotics, to reduce cost or improve product quality. The funding can be used on diverse investments, from robotic milking machines to green technology. Environment Secretary Michael Gove said: “This new funding is a wonderful opportunity for our farmers and food processors to invest in the technology they need to boost productivity, competition and, of course, sustainability as a key factor in future proofing our world leading food and farming industry.”
Jason Fayers, Tax Partner at Scrutton Bland explained: “Tax relief on R&D projects is an area that is often underutilised by businesses but with some careful planning there are considerable saving that can be made. It is also worth remembering that R&D tax credits are only available to Companies and not to traditional Partnerships. We recommend that you speak to a tax professional and independent financial planner before any decisions are made. At Scrutton Bland we have both tax and financial planning advisers who specialise in the agricultural sector who can assist you with these and other areas such as accounts and succession planning.” If you are considering a project which you think could qualify for research and development relief contact jason.fayers@scruttonbland.co.uk or tel 01473 267047.
Farmers may also be able to benefit from tax relief on research and development (R&D) projects provided that they meet criteria including that you can demonstrate • The project was set up to create an advance in science and technology • Your business had to overcome uncertainty to proceed with the project • How your business tried to overcome this uncertainty • The aim of your project couldn’t be easily realised by a professional in the field
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