Defra announces 50% BPS advance
The news that farmers will benefit from a 50% advance of this year’s BPS payment will be welcome relief at a time when many are struggling.
The first payment will be made in July, with the balance being paid in December.
With this becoming a permanent feature, it will be important for all business owners to factor this new timing into cashflows and forecasts.
With a lot of costs, including tax payments, incurred during the winter months, it will be important to ensure sufficient cashflow remains to cover these demands.
We all know how easy it is to spend money that is sitting in the bank!
The phasing out of BPS remains an issue for many and whilst this news is welcome, those who have not looked at the longer term impact of the reduction in BPS will need to start doing so ASAP.