Rural accountants are facing confusion over how compensation for farmers hit by foot-and-mouth should be taxed.
As the government started to pay out money to those who have had animals slaughtered, including a reported #1m to the farmer who had the first confirmed Devon outbreak, accountants said they were still awaiting guidance on how to treat the payments.
‘I haven’t heard any comments from the government yet,’ said Alan Cooper of Horwath Clark Whitehill. ‘The way we treat compensation depends on how the government taxes it.’
Cumbria sole practitioner Deirdre Grant said: ‘I’m assuming it would be taxed but I’m not sure how the taxation will be spread. The fact is we don’t know and I don’t think the government has decided yet.’
An Inland Revenue spokesman confirmed there was no official government line on the topic. ‘We’ve not issued any statements on it,’ he said.
Many businesses in the tourist industry continued to suffer over the Easter break. Other activities, including church services, were also hit.
The Rev John Roden, a Cumbria vicar, above, is forced to disinfect his footwear every time he crosses fields to his church.
Cowgill Holloway and Warings Business Advisors have merged, with a range of growth plans in the North West put in place
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season