VAT is often regarded by farmers as being quite straightforward. However, this is often not the case due to the amount of diversification that now occurs. Whilst most sales in the past were zero rated it is now common for some of them to be standard rated or exempt. This can have implications for VAT.
March has finally arrived. The month in which Somerset start playing cricket again (notwithstanding yesterday's snow on the Quantock Hills). And the month in which the Government is seeking to invoke Article 50 to commence the process of withdrawing Britain from the EU.
HMRC have recently provided updated guidance on the new Common Reporting Standard, and how it applies to charities. This is a new and complex piece of legislation brought into UK law via a treaty with the USA. Its purpose is to ensure global tax transparency and prevent tax evasion. It came into effect on 1st January 2016 and the first reports are needed by 31st May 2017 under threat of penalties.
There is a new source of grant funding available across the South West to businesses operating in rural areas. This is European Agricultural Fund for Rural Development (EAFRD) funding and it is now available to support projects that increase rural jobs, growth and productivity in rural areas.
What action can individual businesses take to survive?
Family farms have always been part of our countryside, but numbers have been declining as the pressure on farming increases, and through lack of succession, as the next generation choose to move away from the farm.
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