Farming Talk – January 14
Taxpayers who are required to complete an online self-assessment tax return have until midnight on January 31 to submit them to avoid a penalty of £100, charged automatically where the return is filed late, even if there is no tax to pay.
Many agricultural businesses are required to submit a self-assessment return and if you haven’t done so yet, you should seek advice urgently. You must send a tax return if, in the last tax year (April 6, 2018, to April 5, 2019), you traded as a partnership, you were self-employed as a "sole trader" and earned more than £1,000, or a partner in a business partnership. You will not usually need to send a return if your only income is from your employment or pensions.
Every year thousands of people fall foul of HMRC’s strict deadlines for self-assessment tax returns, but it doesn’t have to be like this. Contacting an accountant may take away the worry of filing deadlines being missed and provide tax planning options for you.
There is still time for individuals to conduct tax planning in order to minimise their liabilities for this tax year. It is never too late to speak to a tax adviser about opportunities to reduce your tax bill.
Roy Jackson, agricultural partner at Whittingham Riddell
