The Farmers Mart Apr-May 2021 - Issue 74 | Page 5

FARM NEWS 5
• APR / MAY 2021
FARM NEWS 5

NSA offers farmers chance to win sustainably produced farm equipment

The National Sheep Association ( NSA ) is delighted to announce it is teaming up with quality recycled product manufacturer Solway Recycling for its 2021 / 22 membership prize giveaway .
THE collaboration will see four lucky winners receiving one of two prizes from a range of useful and sustainably produced sheep equipment , including a six-bay easy-access lamb adopter or a lamb warming box with three deluxe sheep pens in a row .
Every individual who signs up as a member of NSA before 14th February 2022 will be automatically entered into
the draw for a chance to win one of these fantastic prizes . Existing members can also gain multiple chances to win simply by recommending family , friends or neighbours to sign up . There is no limit to the number of entries for existing members , the more recommendations made , the more entries earnt .
In addition to the opportunity to win one of these excellent prizes , NSA membership subscription importantly supports NSA ’ s work to provide a voice for the UK sheep sector and gives access to a wide range of benefits which are detailed on the NSA website
Solway Recycling manufactures a wide variety of products made from 100 % recycled plastic . As many seek to make more environmentally conscious decisions on farm NSA is very excited to be able to offer these high-quality prizes made from waste agricultural plastics . Phil Stocker , NSA Chief Executive , says : “ NSA is thrilled to be able to offer
this fantastic prize , and our thanks go to Solway Recycling for making this possible by generously donating each prize . I ’ m confident each of the lucky winners will welcome these prizes , safe in the knowledge of the high quality product they are using .”
Founded more than 20 years ago Solway Recycling Ltd is highly experienced in the recycling of waste agricultural products . By running its own farm waste collection service and then returning many products back onto farm in a new and usable form a closed loop is created both ecologically & physically .
Annabelle Hiddleston , Operations Manager at Solway Recycling comments : “ Solway Recycling is delighted to support the NSA with this campaign during what is such a difficult time for everyone . We wish everyone entering the best of luck !”
Four prize draws will be made during 2021 and into early 2022 . After each , all non-winning entries will automatically roll over to the next draw . Entries will be eligible from Monday 15th February 2021 through to a closing date of Monday 14th February 2022 .
Information , full terms and conditions and NSA membership forms can be found at www . nationalsheep . org . uk / draw .

Avoid Brexit import and export pitfalls

FARMERS and agri-businesses must get up to speed with changes to import and export VAT and duty obligations to avoid getting caught out .
Though the Brexit deal was intended to allow goods travelling between the UK and the EU to be tariff free , they are subject to VAT and also often to customs duties , which could catch out the unwary , warns Marianne Hawksworth , senior VAT manager at accountant Old Mill .
Anyone wishing to trade goods with the EU must apply for an Economic Operators Registration and Identification ( EORI ) number to avoid delays and VAT issues . “ Businesses need this to export and to claim import VAT back , and even if you only occasionally trade with the EU it is still worth obtaining one from HMRC to plan ahead ,” explains Ms Hawksworth .
Farmers looking at buying machinery and equipment from the EU could avoid the paperwork by seeking a UK distributor . “ However , this is likely to be more expensive – so weigh up the extra admin against the costs .”
Regular importers looking to defer the VAT and duty costs could use designated
warehousing to hold the goods on UK soil before clearing them through customs , when payments will then be due .
Alternatively , they can defer payment of customs and excise duties through duty deferral , or import VAT using the new Postponed VAT Accounting scheme ( PVA ) – which is especially useful for managing cashflow . “ It ’ s important to get advice though as each option has different procedures and paperwork ,” says Ms Hawksworth .
When using an agent to process customs entries , the buyer must give their EORI and VAT number . The agent then provides HMRC ’ s details so the buyer can pay duties
and VAT immediately - or they can use the agent ’ s duty deferral account for a small fee , or set up their own .
When using PVA , buyers must ensure they or their agent indicate this on import entries , she stresses . “ This allows payment to be made in the VAT return relating to when the import happened - the import VAT claimable is netted off against this – effectively allowing up to four months ’ cashflow benefit .”
Buyers also need to know who is responsible for payment of import VAT and duties . “ This means understanding the incoterms and contract terms ,” explains Ms Hawksworth . For example , if the EU supplier sells goods delivered duty paid ( DDP ), they are declared as the importer to HMRC . If the buyer is responsible for this , goods may be delivered duty unpaid ( DDU ) and they then pay the VAT and duty according to the import procedure used .
When exporting goods , sellers should review their trade agreements and determine if they or the overseas business are responsible for paying import VAT and duty on the goods upon entry to the EU destination . In some instances , UK businesses may have to VAT register in
the destination country . “ VAT registering abroad can be just the tip of the iceberg so do take specialist advice as it will help the business strategy ,” says Ms Hawksworth . “ When approaching these new rules , each individual business will need its own approach . Allow your tax adviser to be part of the process as they can help you work toward your business goals without unexpected problems and costs .”
About Old Mill
Financial experts Old Mill employ over 300 staff in four West Country locations . The Rural team is headed up by Andrew Vickery , with offices in Yeovil , Wells , Exeter and Melksham . Looking after over 1,200 farmers they are one of the leading specialist farm accountants , financial planners and tax advisers , and are happy to help with any financial and tax-related enquiries from the media .
For more information contact Ben Carter on 07825 620052 or e-mail : ben . carter @ om . uk