Crofting Matters - Tax & VAT for Crofters | Information helping farmers in Scotland

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?