New 'real time' tax relaxation could help farmers
Farm businesses are often micro employers (nine or fewer employees), except when they engage additional workers during their harvest. A new RTI relaxation aimed at micro employers could help them, as the number of employees is measured on 6 April, when few harvest workers will be engaged.
Many farm businesses currently rely on an RTI reporting relaxation for smaller employers (those with up to 49 employees). This allows them to report when they run their payroll (for example monthly) even though they may pay their employees more frequently.
This relaxation was introduced to allow smaller employers more time to get used to RTI reporting, particularly where they have difficulty in reporting on or before the time of payment. However, it is due to come to an end on 5 April 2014.
Following discussions with employer representatives including the NFU, and an HMRC survey which asked employers how they were coping with RTI reporting, the government decided to introduce a further relaxation for micro employers. This allows them to continue to report all payments by the last payment date in the month until April 2016.
To be entitled to use this new relaxation, you must be an existing employer and have nine or fewer employees on 6 April 2014 for the 2014/15 tax year and on 6 April 2015 for the 2015/16 tax year.
This new relaxation will help many farm businesses still struggling to cope with the frequency and cost of RTI reporting.
No comments posted yet. Be the first to post a comment
Please enter your name
Please enter your comment
Your comment submitted successfully.Please wait for admin approval.
Some error on your process.Please try one more time.
GM crops are good for the economy and can reduce the amount of pesticides u...
Demand from smaller European markets has helped drive strong growth for UK ...
A lack of engineers, not enough people promoting the land-based industries ...
Environment Secretary Elizabeth Truss is launching the National Pollinator ...
Agricultural specialists have welcomed a potential financial boost for youn...
As retailers continue to participate in a highly competitive race to the bo...
New farm business income data from Defra, which focus on income from March ...
Agriculture has remained one of the industries in which workers are most li...
Prime arable land in the UK has seen a substantial year-on-year growth in p...