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Readers' Forum
Replies to Queries — 2
Farming finances
We have recently been appointed to act on behalf of several farming clients. The following queries have been raised in the course of preparing their annual business accounts and tax returns and we should be grateful for any advice.
Readers' Forum
Replies to Queries — 2
Farming finances
We have recently been appointed to act on behalf of several farming clients. The following queries have been raised in the course of preparing their annual business accounts and tax returns and we should be grateful for any advice.
* Would the resurfacing of a farm driveway qualify as repairs and renewals (over £20,000 has been spent), given it was the repair of an entirety similar to, say, a roof?
* What tax relief, if any, is available on the running costs of a house for a partner in a farming partnership, given the fact that a farmhouse already exists for one partner and the business is conducted there? Does it matter if it was purchased as close as possible to the farm to facilitate work?
* The first dairy premium payment is payable towards the end of this calendar year based on milk quota held at 31 March 2004. Should this be included as a debtor in the accounts prepared earlier on in the year if an estimate is known?
Readers' comments and experiences would be welcome.
(Query T16,481)
