7:20am Saturday 14th July 2012
HM Revenue and Customs (HMRC) has been working with farming bodies, such as NFU, to produce a Starting your own Business e-learning tutorial, which 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
information on paying HMRC
Naomi Ferguson at 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 hmrc.gov.uk/courses/syob/farm/index.htm
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