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