Milk Quota

By 5th June 2015 Blog No Comments

Drummond Laurie Chartered Accountants

With many dairy farms struggling with the current milk price, the abolition of milk quota in March this year could give some farmers a much needed boost.

cowsAny quota purchased previously can now be treated as a capital loss and set off against gains on assets sold such as land and buildings. The loss should be recorded in their 2014/15 Income Tax Return and carried forward until utilised.

If you would like to discuss any agricultural related accounting issues then please contact Ian Bilsland on 01738 450415 or ian.bilsland@drummondlaurie.co.uk

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