27 February 2015 | Online since 2003



24 March 2014|Finance,News

New 'real time' tax relaxation could help farmers


A new 'real time tax' reporting relaxation aimed at micro employers will help many farm businesses struggling to report on, or before, paying employees.

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.

Download



Comments


No comments posted yet. Be the first to post a comment

To post comment without approval login or register

Display name

Please enter your name

Email (optional)
Comment

Please enter your comment

Post Comment

Your comment submitted successfully.Please wait for admin approval.

Some error on your process.Please try one more time.



Jobs


24 February 2015
Recruitment Officer
Recruitment Officer Ref D1699C Faculty/Services Science, Agriculture & Engineering Department School of Computing Science Job...

24 February 2015
Band 6 Junior Sister
It comprises Barnet Hospital, Chase Farm Hospital, the Royal Free Hospital and more than 30 services in the community....

17 February 2015
Apprentice Retail Butcher
Butchery Apprenticeship in a Farm shop retail setting. The apprentice will learn about all aspects of butchery from breaking ...

24 February 2015
Sainsbury's Sampling Ambassador P109
Cosine are looking for Sainsbury's In-Store Sampling Ambassadors at the Badger Farm Store in Winchester. As the sampler you w...

11 February 2015
Apprentice Dairy Farm Hand
Apprentice Dairy Farm Hand. The other farm is the main dairy unit housing 200 milking cows. East Browns Farm and Langtree Far...




Top stories you may have missed
2 February 2015 | Arable
Is EU membership damaging UK farming?

Is EU membership damaging UK farming?

Membership of the EU is damaging the British farming industry, according to...


29 January 2015 | Machinery and Equipment
Drones 'rapidly changing' agriculture

Drones 'rapidly changing' agriculture

BASIS has launched an accreditation for pilots of Unmanned Aerial Systems (...


23 January 2015 | Arable
UK wheat yields have potential to double

UK wheat yields have potential to double

UK wheat yields have theoretical potential to more than double over the nex...


23 January 2015 | Machinery and Equipment
Crowds flock to LAMMA 2015

Crowds flock to LAMMA 2015

Britain’s farmers flocked to Peterborough for the first day of LAMMA’15 to ...


22 January 2015 | Cattle
Don't blame supermarkets for milk crisis...

Don't blame supermarkets for milk crisis...

The crisis in the dairy industry is not the fault of supermarkets, accordin...


16 January 2015 | CLA
Families affected by HS2 face 'major wor...

Families affected by HS2 face 'major wor...

Transport Minister Baroness Kramer visited three rural businesses in Cheshi...


16 January 2015 | Machinery and Equipment
John Deere unveil new 6R tractor range

John Deere unveil new 6R tractor range

Spearheading the John Deere range of mid-size tractors from Mannheim, the n...


14 January 2015 | Animal Health
Monthly TB checks more effective than ba...

Monthly TB checks more effective than ba...

Regular testing for bovine TB could significantly reduce the number of infe...


12 January 2015 | News
Government regulations hampering UK agri...

Government regulations hampering UK agri...

Single-issue policy-making threatens to hamper, not help, the progress of U...


8 January 2015 | Cattle
2015: The year ahead for the beef market

2015: The year ahead for the beef market

2014 has been a “rocky old year” for the beef industry but better prices ar...