Peterborough, UK -- (ReleaseWire) -- 03/27/2015 -- After the Chancellor, George Osbourne, delivered his 2015 budget, UK farming took stock of exactly what the budgets spells for the industry. Overall, farmers look set to benefit from £100million in tax savings over a four-year period and the Chancellor has plans to increase the number of years a self-employed farmer can average profits for income tax purposes from two years to five years, as from 6 April next year.
The new measures followed lobbying by the National Farmers Union that represents more than 85,000 members working across the agricultural industry. The increase in the number of years in which a self-employed farmer can average profits is backed by Scottish Secretary Alistair Carmichael. Farmers can currently average profits over two tax years if the profit of one year is less than 70 per cent of the profit of the other year, with marginal relief also available for profits that fall between 70 and 75 per cent. The NFU Scotland president, Allan Bowie, spoke publicly of the organization's support of the new measures.
The budget also froze fuel duty. Although farmers benefit from red diesel, the usage of non-farm vehicles on the road will not add to farmers ever-tightening financials.
Peterborough plastic water tank specialist, Enduramaxx, which supplies a number of liquid and chemical storage tanks to agricultural companies, provided a number of additional savings that farmers could consider for the next financial year ahead. Farms can implement rainwater harvesting tanks to help them to stay ahead of impending water restrictions and mains water price increases.
The company provides cone bottom tanks in a number of sizes that enable farmers to produce their own biodiesel from waste oil. In addition, farmers can leverage savings from bulk buying pre-mixed liquid fertiliser. With all tanks being made from a single piece of uv-stabilised polyethylene, liquids are stored in an extremely safe environment, reducing spillage and waste.
Farmers wishing to make savings throughout the next financial years should visit http://www.enduramaxx.co.uk for more information on the Enduramaxx range of horizontal and vertical storage tanks.
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