With hospitality businesses largely closed until 12 April and restrictions thereafter, the Chancellor has announced a range of support for hospitality businesses that will provide welcome relief and some certainty for the future.
Andrew Robinson encourages farmers to prepare their farm businesses for Making Tax Digital and highlights the time and money-saving benefits in the long-run.
If your taxable turnover is over £85,000 then you should by now have signed up to Making Tax Digital (MTD) and be submitting your VAT figures using the MTD VAT return in Xero or other compatible software.
Under Making Tax Digital (MTD) businesses need to grant permission for their accounts software providers to access their HMRC data and this permission must be updated every 18 months.
What are the Office of Tax Simplification (OTS) tax recommendations, and how will they affect farmers and landowners who are planning to sell assets in the next few years.
The Government has committed to maintaining total spending on agriculture until the end of 2024, so money taken off the Basic Payment Scheme (BPS) payments will be available under the following new schemes.