Archived News January, 2011

Tax questions Carmarthen Journal 26th January 2011

As rural farmers we are not particularly computer literate but we keep getting letters from HM Revenue & Customs wanting us to register online for VAT. Do we have to do this or is there a way we can get out of it as we are happy with the current paper system?

Unfortunately if your farm has an income of over £100,000 you will have to register online to submit your VAT registration. HMRC have taken a lenient approach since last April, however for those who should be registered online but are not, there will be a £200 penalty if your VAT return is not submitted online after the 31 March 2011.There could also be penalties if you do not pay your VAT electronically, although as farmers you may be reclaiming VAT  and paying it. To register online you will need to go to Government Gateway and register, alternatively your professional adviser could register you.

Along with my state pension I receive bank interest on my savings. However I have to complete an R40 return to claim back the tax that the bank has deducted from me. Is there a way I can receive my interest without any tax be taken off?

Yes there is. If you complete a form R85 (which your bank should have) you can receive your bank interest gross i.e. without any income tax deducted. An separate R85 is required for each bank/building society account that you hold.

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