.png)
.png)
Farming peculiarities
Key points
- Basis period reform will affect farmers averaging and hobby farming rules.
- It may not be helpful for farmers with production cycles to align accounts with the tax year.
- Changes to farming subsidies are another area of concern.
There has been much discussion and debate with regard to the proposed basis period reform as part of making tax digital for income tax self assessment (MTD ITSA) in particular for those in seasonal industries who deliberately have non coterminous year ends and for whom the proposed changes are expected to affect their tax position the most. With the announcement that MTD ITSA has been delayed until 2024 so have the proposals for the changing of basis periods. Considering that there still appears to be many finer details to be ironed out this is a sensible move. However while 2024 now seems a long way in the future ...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
