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Korby Dore

Australia

Member since March 12, 2014


  • 28533_1_177_

    Farmers in the United Kingdom are counting the cost of damage from the recent floods to their crops, machinery, buildings and infrastructure, Farming UK reported.

    Insurance claims are expected to amount to hundreds of millions of pounds.

    David McGeachy, value added tax specialist at Saffery Champness, said "that even though insurance claim settlements are not subject to VAT, the farm or estate is likely to incur VAT on repair works to put right damage or to replace damaged stock."

    Dyman Associates Insurance Group

    As the flooding covering huge areas of farmland in the south of England and elsewhere caused by the record rainfall over the winter months recedes, farmers are counting the cost in terms of damage to crops, stock machinery and buildings, infrastructure such as damaged flood defences, riverbanks, fences, gates and so on.

    Insurance claims from the flooding are expected to run into hundreds of millions of pounds.

    David McGeachy, VAT specialist at Saffery Champness, said: "It is important to remember that even though insurance claim settlements are not subject to VAT, the farm or estate is likely to incur VAT on repair works to put right damage or to replace damaged stock for example and this VAT paid is recoverable from HMRC subject to the normal VAT rules.

    "Similarly, VAT on any legal services that may be required where policies provide cover for such costs may also be subject to the same rules."

    Where farm or estate businesses are VA...

My Interests

  • Industrial Design
  • Environmental Design
  • Communication Design
  • Fashion Design
  • Audio/Visual Design