Important Tax Updates

Farming Related Issues

19th September 2003 - LETTING OF FARM BUILDINGS

As part of diversifying your business, many of you will have converted redundant farm buildings for letting as offices or light industrial units.

The Inland Revenue circularise letting agents requiring them to provide a return of the name and addresses of landlords for whom they act, the addresses of each let property and the gross amount of rent received for each property.

Obviously, the only reason the Inland Revenue is interested in this information is so that it can cross refer it to tax returns.

However, given sufficient resources, and the desire of both government agencies to cooperate, and share this information, Customs & Excise could use the data to target businesses with VAT partial exemption "problems". We are not yet aware whether this is already happening.

Beware, Big Brother continues to watch you !
                                                                        ....by Richard Worboys on 01245 266831 or Email 

Contact Richard Harman / Richard Worboys on 01245 266831 or Email or for further details.