Agriculture is a unique industry. It involves the same hard work and commitment as running any other business but is also subject to unique pressures, including weather conditions, disease, pests, the influence of supermarkets on profit margins and changing consumer demands.
To survive and thrive today, farmers and other rural businesses need efficient financial controls and cost and tax-effective operations, as well as being willing to diversify, find new income streams and keep their competitive edge sharp. Putting in place a clear strategy for passing on the farm to a new generation is also crucial.
We offer a comprehensive range of services for agricultural businesses, including:
- advice on tax-efficient business structures
- business tax compliance and planning
- raising finance
- preparing profit and cash flow forecasts
- European grants, subsidies and set aside
- bookkeeping services
- payroll services
- VAT administration and returns
- personal tax compliance and planning
- inheritance tax planning
- succession and retirement planning.
Fawcetts are experts in all aspects of tax planning including property, estate planning, VAT and PAYE, and can help you make the most of your capital and pension for a more secure, profitable future. We will keep you informed of any relevant changes in legislation and a partner is always on hand to answer your queries.
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A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016.
However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014.
The request was made by a partner in a ‘magic circle’ law firm, who was himself issued with a late penalty notice, despite having submitted his tax return in December, ahead of the 31 January deadline.
Despite having filed on time, when HMRC overturned the penalty in March this year, it nevertheless issued a letter, stating “if you file on time we won’t charge penalties”.
While HMRC revealed the number of late penalty notices that were cancelled over the three-year period, it did not disclose how many of these were the consequence of errors on the part of the Revenue, as opposed to the taxpayer having a reasonable excuse for late filing.
A spokesperson for HMRC said: “We don’t want penalties, we just want tax returns. Taxpayers with a reasonable excuse for filing late or who have been taken out of SA do not have to pay penalties. Taxpayers who file on time are not issued with penalties.”