January Tax Deadline for Farmers

 

As we are all aware the bad weather of 2012 meant increased costs of production and therefore lower profits for the majority of farming businesses.

 

However it will depend on the time of year your accounting year end falls as to whether we see the full extent of any reduction in profits.

 

If you have not already finalised your accounts for your 2013 tax returns we can help to ensure the January tax payment is as low as possible.

 

Are you preparing accounts to the most tax efficient date? In some cases changing your year end to March can potentially reduce the taxable profit and therefore your January payment.

 

In other cases averaging a bad year with the previous figures can get a much needed tax refund.

 

We can also look at your payments on account of tax for you. If you have purchased capital equipment post year end this could reduce next year’s tax bill and therefore we would like at reducing your payments on account.

 

If you would like to discuss further please contact one of the farming and rural team at your local office:

 

Liz Cliffe – 01772 821021

 

Rodger Hill – 01539 729727