At Armston Group, we realise the need for greater efficiency, technology and management to retain margins in the current climate. We are committed to agriculture and its requirements and are able to take on farm contracting, part management agreements or complete farm services.
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Whilst commercial factors should be the principal driver behind a change in farming strategy, it is important to always consider the taxation implications, as some significant differences and potential tax liabilities can arise. For instance, a switch to contract farming will be the continuation of a farming trade, letting out on a FBT will not. As a result, tax advantages associated with trading activity will be lost under the FBT route.
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