Shropshire tax consultancy Reclaim Tax Ltd is urging dairy farmers to explore research tax credits amid forecasts of declining farm business income.
The recently released Dairy Farm Business Income Forecasts for 2024 by Defrathe Department for Environment, Food & Rural Affairs have raised concerns within the dairy farming community.
The substantial decrease in FBI is primarily attributed to a drastic fall in livestock output, with output from milk and milk products expected to decrease by approximately 19 per cent. This downturn is chiefly driven by a decline in farmgate prices for milk, which began to falter in early 2023 following the volatility of the previous year.
Now Reclaim Tax Ltd is advising stakeholders in the dairy sector on the importance of claiming research tax credits as a means to alleviate financial burdens and support dairy farming operations.
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