FARMERS: Brexit - It's a deal!

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On the 24th December the Government delivered a much needed deal with the EU over our future trading relationship with our largest export market, but what changes will be coming into place for farming and agriculture? Read our latest article to find out..

Announcing the deal Prime Minister Boris Johnson said  "We have taken back control of our laws and our destiny".

Whilst the text of the whole agreement is still being deliberated over, the good news for farmers is that there will now be no tariffs on the sale of goods. There will, however, be increased administration required to continue trading with the EU.

The UK exports £14 billion of Agri-food to the EU.

Minette Batters, NFU President, said “It does remain the case though that our relationship with the EU will experience a fundamental change at the end of the transition period on 1st January 2021, and we do anticipate  that there will still be disruption to trade at the border. New checks, paperwork and requirements on traders will add costs and complexity”.

Other consequences of Brexit include the tapered removal of the Direct Payment and will be replaced with more environmentally targeted payments.

Questioned as the deal was announced, Boris Johnson added that his Government would continue to support Britains farming industry as it operated outside the single market.

RWB Chartered Accountants Farming team believe this to be great news for the sector as the continued access to our largest export market on a tariff free basis was vital  to maintaining status quo and allow farming to drive change but bring the industry into the 21st Century.

Questions? We can help!

We have vast experence in the farming and agricultural sector and have inavlauble knowlege to help our clients. Contact our Director, Gary Brockway, who specialises in agriculture directly on 0115 964 8874 or email him at garyb@rwbca.co.uk to find out how we can help you across all areas of your business.

The views provided in this article are for general information purposes only. Nothing in this article represents advice of any nature whatsoever. Accordingly, RWB CA Limited does not accept any liability or responsibility for the information contained in this article or any decision or other action that may be taken in reliance upon the information contained within it. RWB CA Limited accepts no responsibility for any errors of fact or opinion and assumes no obligation to provide you with any changes to its assumptions.  

Tags: Financial planning Tax advice Tax planning VAT Tax HMRC Employee Agriculture Employment Government Brexit EU European Union Farming

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