The government has been told to ensure the Inland Revenue and Customs & Excise continue to allow hard-hit farms and rural businesses to defer tax, VAT and other duties to help recovery from the foot and mouth epidemic.
Failure to do so could lead to the banks and financial institutions foreclosing on hundreds of enterprises, a report has warned.
Farms across the country remain stricken by the foot and mouth crisis, although many rural businesses, such as Brian Laker’s pre-Hallowe’en pumpkin festival (left), appear buoyant.
Northern Foods Boss Lord Haskins’ report Rural recovery after foot and mouth disease makes clear that the tax authorities hold the key to allowing the countryside to make a comeback.
Failing to support farmers and associated businesses could trigger a wave of bankruptcies, according to the report.
The report also says that the Revenue and Customs ‘have treated sympathetically those businesses which have been affected by the outbreak. They have allowed tax, national insurance, and VAT payments to be deferred, without attracting interest where hardship could be shown. By late September, the total of deferred payments was #160m.’
The numbers you crunch tell a story. Your expertis...
24yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleUK landowners face both opportunity and risk when shifting land from agriculture to development. In this article, Naomi Stewart, Head of Tax at Shaw G...
View articleHMRC has officially ruled out plans to introduce Making Tax Digital for Corporation Tax, confirming the shift in its July 2025 Transformation Roadmap....
View articleAs the new CEO of RCK Partners, James Gibson isn’t chasing scale for its own sake. In a sector battling credibility issues, he’s betting on better jud...
View articleThe UK tax gap held steady at 5.3% in 2023–24, translating to £46.8 billion in unpaid taxes, according to the latest HMRC statistics. While the percen...
View articleWorcestershire-based accountancy firm Ballards LLP has been shortlisted for three categories at the Tolley’s Taxation Awards 2025. The firm, which ope...
View articleChancellor Rachel Reeves has ruled out any increases to UK wealth taxes in the upcoming Autumn Budget, putting an end to speculation over potential hi...
View articleUK small businesses are facing an annual tax compliance burden nearing £25 billion, according to recent findings by the Federation of Small Businesses...
View articleBusinesses across the UK should prepare for several significant tax changes coming into effect from 6 April 2025, according to the ICAEW. While some o...
View article