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HMRC internal manual

Business Income Manual

HM Revenue & Customs
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Farming: Single Payment Scheme: Helpsheet 232

An explanation of the terms used in the Single Payment (SP) Scheme is at BIM55128 

Helpsheet 232 sets out the agreement between HMRC and the various farming representative bodies as to the generally accepted accounting practice (GAAP) applicable in determining the carrying value of stock. (see BIM55401).

However, it is worth noting that the SP, with the exception of the Scottish Beef Scheme (SBS), is not linked to any particular crop, product or expense and should not be taken into account in any calculation of the cost of stock. The SBS element should be accounted for in accordance with BIM55430.