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January Update
January Update
Post date
January 2023
Countryside Stewardship: Increased payments for farmers protecting and enhancing the environment.
Following a review, DEFRA have announced increased payments to farmers protecting and enhancing nature. This includes Countryside Stewardship and Sustainable Farming Incentive Schemes.
Farmers with a Countryside Stewardship agreement (both existing and new) will see an average 10% revenue increase and for those businesses entering in to new capital schemes, capital payments will increase on average by 48%.
Sustainable Farming Incentive Payments will also increase to include a management payment for the first 50 hectares of £20/ha.
For more information, click here
If you would like us to let you know what your revised payment will be or look at entering into a new scheme, please contact us.
Bank of England Base Rate Now 3.5%
UK Interest Rates rise for the ninth consecutive time, have increased by half a percent to 3.5%, taking the base rate to its highest level for 14 years.
Spring Budget Date
Chancellor Jeremy Hunt has announced the Spring Budget shall be delivered on 15th March 2023.
Making Tax Digital - Delayed
The Treasury has confirmed that the move to making tax digital will be postponed until April 2026. Originally this was due to take effect from April 2024, requiring all self-employed individuals with income over £10,000 to report their earnings quarterly through the Making Tax Digital (MTD) for the Income Tax Self-Assessment (ITSA) system.
Meanwhile Government intends not to extend MTD for general partnerships, as they remain committed to having it introduced in 2025.
National Minimum and Living Wage
Next year will see a larger than usual rise in National living wage with an increase of 9.7%. This will take it from its current level of £9.50 to £10.42/hour from the 1st of April 2023. The government accepted the LPC’s recommendations for the other national minimum wage rates from the same period.
Notice for UK Plant Protection Product (PPP) Users
If you are using Plant protection for your business or organisation, this is a reminder to register basic information with DEFRA, under The Official Controls (Plant Protection Products) Regulations 2020.
This includes if you have PPP applied by a third party. For existing users, the deadline for registration was 22nd June 2022, however those who plan to use PPPs as a professional user, can still register.
Further, if professionals who have been using PPP for no more than 3 months ago, then if you haven’t already, you should register as soon as possible.
All forms are available on the Government website.
To register, click here
Future Farming Resilience Fund
DEFRA are providing £32 million towards the new initiative to support and prepare farmers during the transition away from Direct support payments.
The scheme is available to any farmer or land manager who receives Basic Payment Scheme Payments. Each farmer will receive free advice to:
- understand the consequences of the end of direct support payments
- receive guidance in ensuring your business becomes more resilient and competitive
- help ensure a sustainable future for the business by making the most of your assets
Are you are looking to the future of your farming business? Concerned about inflation and the changes in Direct Support?
As part of the Future Farming Resilience Fund, AKC is working with Savills and NIAB to support farmers and help them address these challenges, by offering tailored free advice.
For more information, please speak to James Berry on 01380 735 107.
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