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.’

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