It might not sound that interesting, but, especially these days, understanding what you can and should be doing with accounts and tax is important to save unnecessary expense and keep within the law. Margi Campbell, an expert in tax and vat, gives some insight into what crofters can do to improve their finances. It’s a confusing topic, but in this podcast we chat about the different terms, and what they mean in practice for crofters who are self-employed or employed, or vat registered or not.
In this episode, we cover:
Do crofters need to do tax returns?
Is an accountant needed to prepare accounts?
What are audited accounts?
How much could a set of accounts cost?
What is a sole trader, why would you be one, what tax do you pay, can you be vat registered?
What are partnerships and Limited companies?
What do the terms Incorporated/unincorporated mean?
What is the effect of the 5 year rule for hobby farms?
What items are tax deductible?
Can you offset your income with the cost of buildings, such as a shed?
What about smaller kit and tools?
The best way to keep records, VAT, MTD, can you keep everything on paper/programme?
What is the Herd basis?
Who gets taxed through a Sheep Stock Club?
Who pays tax from Common Grazing income?
What should you do if you are starting up?
Top tips
FAS Resources:
Women in Agriculture, Balivanich: Why Keep Accounts?
Bookkeeping and Farm Accounts | Helping farmers in Scotland | Farm Advisory Service (fas.scot)
Other Links:
You can contact Margi through LinkedIn https://www.linkedin.com/in/margaretcampbellinverness
Or at www.Saffery.com
Also listen to Margi’s story on Episode 6 - Margi Campbell - Women In Wellies | Acast
