Selling stock and College grants

farming93

Ill probably be going back to college next year, having taken a year out. The last two years I have been edgible for a grant I. The only way I will be able to go next year is if I get a grant. Anyways I am working part-time at the minute and also have three heifers I want to sell soon enough as stores. I am worried that if I sell these, (SUSI the crowd that give the grants) will think that Im making alot of money and not give me a grant. The heifers are in my own name and im probably only going to make three or four hundred a piece profit on them and of course that money will be going towards car insurance, tax etc..so while it may look like I have a few pound in my account it ll have dryed up by September of next year. So basically what Im asking is am I hampering my chances of getting a grant for college if I sold these now?

bob charles

farming93 wrote: »

Ill probably be going back to college next year, having taken a year out. The last two years I have been edgible for a grant I. The only way I will be able to go next year is if I get a grant. Anyways I am working part-time at the minute and also have three heifers I want to sell soon enough as stores. I am worried that if I sell these, (SUSI the crowd that give the grants) will think that Im making alot of money and not give me a grant. The heifers are in my own name and im probably only going to make three or four hundred a piece profit on them and of course that money will be going towards car insurance, tax etc..so while it may look like I have a few pound in my account it ll have dryed up by September of next year. So basically what Im asking is am I hampering my chances of getting a grant for college if I sold these now?

but if you include your costs fully you wont have made 3 or 4 hundred. Have you "paid" for the land they grazed, grub they eat etc

farming93

Thanks for the reply BOB,
Yes it would probably be slightly less with costs for feed etc but the land dosent really cost me an awful lot because its a relative im renting it off. So with the dockets and reciepts I have associated to the stock for medicines, feeding and all other costs related to my stock be important to prove that I am not making an awful lot of money from farming and should be edgible for a grant next year?

J.O. Farmer

The 3 or 4 hundred is a gross profit. That is sale price less purchase cost.
What matters for grants is net profit. That is gross profit less costs. So everything you have to pay for comes away from the gross profit. You can also claim a percentage of motoring costs diesel insurance servicing etc. As you probably have to use the car to go to the vet co-op store and anywhere else in relation to the cattle.
An accountant can soon make a gross profit a net loss.

1chippy

id say your still classed as a dependant of your parents. it will be based on what they made and not the few quid you have from cattle. things may have changed im not sure.

jersey101

I thought it was based on your gross wage?? So if your not dependant on your parents it depends on their wage. If your not, id doubt the sale if the stock will stop you getting a grant unless you have a full time job?

J.O. Farmer

It is based on gross wage but in relation to farming your gross wage is your pretax net profit (that is the amount used to calculate tax liability just like your gross wage.)

farming93

Cheers lads. When I was filling out the application last year I had proof that I am dependant on my parents and more than likely will be next year aswell. Thanks for clearing that up anyways, I"ll sell away now! ha

J.O. Farmer

I would think you can sell away. Also AFIK the income used for grant purposes will be 2013. If you don't sell at this stage until January then that income would be 2014 income and wouldn't be included on an application until the following year. This could help create a loss this year reducing your means.
If you live at home and are under 23 I think you are assesed on your parents means. I'm not sure about if your over 23.
I'm not suggesting that you do anything illegal but make the system work best for your situation.

farming93

Im only 20 so that suits me perfect. The Heifers Im selling are Angus (between 410-450kg) which I bought as calves so im only their second owner, would I want to tell the mart manager that in case someone wants to buy them as stores for the Angus scheme or would that matter?