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Under self-assessment there is a time lag between the making of profits and the payment of tax. A farmer, whose profits can fluctuate due to natural conditions, may be obliged to pay tax on high levels...
Farmers' averaging electionIf you carry on a farming or market gardening business, you can elect to average your profits over either two or five years.FarmingBusinesses that depend on a successful harvest...
The rules for farmers’ averaging changed in April 2016, allowing a choice between a two and five-year averaging period. How do these relaxed rules help your clients, and what should you look...
Budget 2015 announced changes to the tax relief which allows farmers to smooth their profits over more than one taxable period. When is it beneficial to use this method and what are the changes...