The ICAEW’s farming group has warned accountants to ‘brush up’ on Brussels regulations to make sure clients get the best from the deal. ‘Many accountants haven’t realised what has happened,’ said David Missen, member of the group and partner at accountancy firm Larking Gowan.
Missen explained the existing agricultural policy links subsidies to the production of food, meaning subsidy revenue can only be booked when the farmer has sold his crops.
The new CAP separates subsidy from production, as a result accelerating subsidy income for farmers. Brussels, where these cows are farmed, has been working on a new agriculture policy for some time to end unfair competition.
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