An online tax guide designed for farmers has been launched.
HM Revenue and Customs (HMRC) has been working with farming bodies, such as the NFU, to produce a Starting Your Own Business e-learning tutorial.
The online guide includes: an overview of tax, National Insurance contributions and VAT; information on registering as self-employed; guidance on keeping business records; help with completing tax returns; and information on paying HMRC.
Naomi Ferguson, from HMRC, said: “This e-learning guide is aimed at those new to farming, who might be unaware of their tax obligations, and the many experienced farmers who are currently diversifying, which can change their tax obligations.
“Starting Your Own Business is available online so that farmers can read it in their own time, when convenient. It’s in bite-sized sections, so doesn’t need to be read all at once.”
The guidance, which includes basic information covering all the most frequently asked questions about tax, is at: http://www.hmrc.gov.uk/courses/syob/farm/index.htm.