level: Farm Buildings
Questions and Answers List
- IAgSA, Farm Office Handbook, 2012
level questions: Farm Buildings
| Question | Answer |
|---|---|
| What are some of the legal requirements for a farm building to be leased as a domestic dwelling? | The deposits must be held by the Deposit Protection Service (DPS); An Energy Performance Certificate is required; And, if gas is connected a Safety Certificate is also required by law. |
| In what statement of accounts should the improvement of farm buildings be recorded? | As these increase the value of the building they should be reflected in the the statement of financial position (balance sheet). |
| In what statement of accounts should general repairs and renewals to farm buildings be recorded? | As these are overheads, they should be recorded in the statement of Profit or Loss (Income Statement). |
| When is an Assured Shortholder Tenancy (AST) used? | When letting a domestic property or when housing is provided for a farm worker. |
| At what point should a lease document need to be created for storage agreements? | A Storage Licence Agreement would be required if a trader or business is to make use of the storage facilities. |
| What Act covers the topic of land and tenancy? | The Landlord and Tenant Act 1954 |