TITLE

Farm B&Bs face nasty surprise in VATman's blitz

AUTHOR(S)
Relf, Tim
PUB. DATE
October 2008
SOURCE
Farmers Weekly;10/24/2008, p85
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article explores the impact of the proposed value-added tax (VAT) on earnings from bed & breakfasts (B&B) and holiday cottages, on farming families across Great Britain. Her Majesty's Revenue and Customs (HMRC) is increasingly interested in such income if it is treated separately from the farm business, say experts. The tax liability can arise if, for example, a B&B enterprise and farm are not run and accounted for sufficiently separately. HMRC is targeting diversification, including B&B and cottage lets.
ACCESSION #
35431189

 

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