Hobby farm ideas to make money plus#
Shift half the annual mileage to a vehicle doing twice the mpg, which costs half as much to service and a third less in tyres – plus saving mileage-related depreciation on a high-value vehicle – and you could save more than £1,500 a year. Review farm vehicle usageĪsk yourself whether you really need the 22mpg 4×4 parked in the yard for that trip to collect parts and go shooting, or would a cheap runabout suffice?
This means farmers can be more inventive about how they use their retirement money and generate a new income stream. It is now possible to draw down a proportion of a pension to invest in commercial property. In 2015, the government introduced changes that give greater flexibility to how a pension pot can be used. Hauling machines to a collective sale can take time and cost, so consider a national online sale which allows farmers to sell odd bits of kit. With demand booming for second-hand kit over recent years, it may be more sensible to sell it on. Most farmers will have surplus machinery that they are holding onto in case they need it. Letting out buildings is a popular form of diversification, but it doesn’t necessarily need to be on an all-year-round basis.Ĭonsider whether there are any alternative uses for farm buildings at different times of year to help generate a new income stream.įor example, one client rents out their grain store, once their own grain has been sold, to a business selling firewood and woodchip and uses it to dry out the wood. The government’s Rent a Room Scheme lets you earn up to a threshold of £7,500 a year tax-free from letting out furnished accommodation in your home.
If you live within 10 miles of a university, there may be potential to let out a room to a student from a farming background who prefers to live on a farm, rather than in a traditional house share. We know of a couple of farmers who have rented out rooms to graduates on because the house felt too quiet after their children left home. Renting out a spare room is a good way of making some additional income to cover rises in living expenses and can offer some company.
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