Old Mill Updates

Watch it back: ‘Virtual Breakfast’ Q&A with Rural Accountant & Director, Richard Haines and Rural Tax Adviser, Catherine Vickery

Thank you to everyone who joined our ‘Virtual Breakfast’ Q&A on Friday 5 June, and for those who asked us a question.

In this session we featured the below topics and we’ve highlighted the time they were discussed so you can get to that section with ease.

5th June 2020

1.35 Dairy response fund set to open for applications

Where and when do I submit my application?

Can you remind me what the Dairy response fund is?

I am a dairy farmer; can I apply for the grant?

Does seasonality make a difference?

Is the grant £10,000?

6:49 Local Authority Discretionary Grant – open for application

What is this?

When is it open for applications?

Am I guaranteed to get this if I qualify?

I have utilised the Dairy Hardship Fund – can I claim this too?

I have a B&B on the farm, but it’s not rated, can I claim?

Will this grant and other schemes be subject to tax?

11.27 What does 'adversely affected' mean when qualifying for grant schemes?

What does adversely affected mean?

16:38 Coronavirus Job Retention Scheme (CJRS) update

What is the update?

I can continue without my furloughed staff for the moment, should I continue to furlough them or bring them back part time ASAP?

Are there any tax implications I should be thinking about with regards to bringing back/or furloughing staff?

28:15 Building and Planning

I am going to put up a new barn. Can I use grant money for this?

30.38 Chancellor extends Self-Employment Income Support Scheme (SEISS)

Explain the extension please, what differences are there?

I have not claimed the first grant because COVID-19 did not affect my business, it has now so can I claim the second grant only?

Can I still apply for the first grant?

I am in a partnership, do I personally have to be below £50,000 or is it the partnership as a whole?

Does the eligibility in trading profits include or not include Capital Allowances?

 More information on the second SEISS Grant will be available on 12 June from the government.

38:42 Utilising Banks

What are your experiences in the marketplace with regards to farmers and seeking funding from Banks?


For more information, or if you have any questions about any of the above, please contact your Old Mill adviser or email enquiries@om.uk.