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  • Tax - Agricultural flat rate scheme letter
    Agricultural flat rate scheme letterIf you operate a small farming business, you might qualify for a little known scheme that can give your cash flow a boost.When is the scheme available?The agricultural flat rate scheme (AFRS) is available to a wide range of "farming" businesses. Farming for the purposes of the scheme is very widely drawn and includes any business involved in:Crop production. General agriculture, including viticulture, growing of fruit and of vegetables, flowers and ornamental plants, whether...
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  • Tax - Herd basis election
    Herd basis electionIf you keep animals for production purposes, you might be able to take advantage of the "herd basis" to simplify calculating your taxable profits.ProductionFarm animals are treated as trading stock. For tax and accounting purposes these animals are more akin to capital assets than trading stock, and so it is possible to make a special election for them not to be treated as such. Herd basisWhere a Herd Basis Election is made, a number of rules apply when calculating profits:the initial cost...
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  • Tax - Farmers' averaging election
    Farmers' averaging electionIf you carry on a farming or market gardening business, you can elect to average your profits over either two or five years.FarmingBusinesses that depend on a successful harvest are notoriously volatile in terms of profits. One bad crop can mean losing tens of thousands of pounds. Therefore, the Income Tax (Trading and Other Income) Act 2005 contains provisions that allow farmers and market gardeners to elect to average their profits over either two or five years. This can be especially...
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