TaxCorporate TaxYou shall go the the ball: deferred duty is the key to countryside

You shall go the the ball: deferred duty is the key to countryside

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.’

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

1m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

3m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

4m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

7m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

8m Alia Shoaib, Reporter