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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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