We all know that farming has been going through very tough times in recent years, and many farmers are faced with the prospect of making losses year after year.
Unfortunately, HMRC does not make the farmer's plight any easier. There are strict rules which apply to farming losses which seek to treat the enterprise as a hobby as opposed to a commercial business. These rules do not apply to other businesses.
It is extremely important that farming businesses do not fall foul of these rules and lose the ability to offset farm losses against any other income received in order to reduce any tax payable, or indeed reclaim tax deducted on investment income.
Here at Green & Co, we have a wealth of experience in helping farming clients maximise their loss reliefs. Contact us to book a free initial consultation.