Farmers who know they will be unable to pay their tax bill by 31 January because of cashflow problems need to negotiate with HMRC now for a "time to pay" arrangementLisa Ball, private client tax partner at accountant Smith Williamson, said many farmers were facing a higher tax bill than normal because they had reduced their machinery investment, which had resulted in a reduction in capital allowances. "It's vitalthat people stay on top of their tax bills as they can very quickly spiral, along with associated penalties and interest payments," she said."If all available reliefs have been claimed and the tax bill remains beyond reach, it may be possible to negotiate 'time to pa/ arrangements with HMRC."
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