HMRC Warns Farmers To Declare Subsidies On Tax Returns
Farmers claiming the BPS are being reminded by HM Revenue & Customs that these support payments must be included on their tax returns to avoid possible fines.
Several farmers have been written to by HMRC reminding them that subsidies are taxable and need to be declared on tax returns.
Some may be worried by the letters, whereas in most cases BPS payments have already been included on the returns. Fines for not declaring income can be up to 60% plus interest, so if you are in any doubt, it is worth asking an accountant to check for you.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.
Image courtesy of adamr at FreeDigitalPhotos.net
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