KathrynGigg Honeypot FarmChapter 1:CHARTERED ACCOUNTANTS BUSINESS ADVISERS | TAX CONSULTANTSBy Ryan Fisher ACCA FMAAT of Kathryn Gigg Chartered AccountantsContinuing the Story of the fictitious Norfolk Farm: The VATman cometh.Accountancy,Business and TaxAdvice for Farmers,Landowners andWhen the Carters of Honeypot Farm phone Ryan at Kathryn Gigg CharteredAccountants, it is always interesting. This time there was a note of concern:"Ryan, is there something going on at the VAT office? My friend at the game farmhad a visit in August, then, just before Christmas, they went to see our landlord, andnow we've had a call. What's going on?Agri-businesses."Hmm" said Ryan, "You don't have a shoot though?""We haven't run a shoot for years. We started renting the shooting rights last year asthe last shooting tenants were a right pain, but we don't shoot the rented land at all.Some years we have a day at Honeypot with our neighbours, but that is just a fewwild birds with the family beating, and we even pay the farm for a bit of corn we putdown, There can't be anything wrong there, surely?""Well" continued Ryan, I guess the specialist shooting team have picked up yourlandlord from the game farm books, and they have picked up the shooting rent fromhis accounts - since it is purely a business payment it should be OK , but it showsHMRC using information they obtain from one taxpayer to look into another. Theywork in joint teams, too, so what starts up as VAT can lead on to an Income Taxenquiry. This is an area where they are quite active, but the way you are doing yourshoot day sounds fine - fortunately."Personal, Professional, and Proactive.The Office20 King's Lynn RoadHunstantonPE36 SHP© 01485 534800 / 535100O ryan.fisher@kathryngigg.co.uk"Thanks Ryan, you've put my mind at ease - all we need worry about now is whatthe Chancellor has come up with in his first Budget..." Kathryn Gigg Honeypot Farm Chapter 1: CHARTERED ACCOUNTANTS BUSINESS ADVISERS | TAX CONSULTANTS By Ryan Fisher ACCA FMAAT of Kathryn Gigg Chartered Accountants Continuing the Story of the fictitious Norfolk Farm: The VATman cometh. Accountancy, Business and Tax Advice for Farmers, Landowners and When the Carters of Honeypot Farm phone Ryan at Kathryn Gigg Chartered Accountants, it is always interesting. This time there was a note of concern: "Ryan, is there something going on at the VAT office? My friend at the game farm had a visit in August, then, just before Christmas, they went to see our landlord, and now we've had a call. What's going on? Agri-businesses. "Hmm" said Ryan, "You don't have a shoot though?" "We haven't run a shoot for years. We started renting the shooting rights last year as the last shooting tenants were a right pain, but we don't shoot the rented land at all. Some years we have a day at Honeypot with our neighbours, but that is just a few wild birds with the family beating, and we even pay the farm for a bit of corn we put down, There can't be anything wrong there, surely?" "Well" continued Ryan, I guess the specialist shooting team have picked up your landlord from the game farm books, and they have picked up the shooting rent from his accounts - since it is purely a business payment it should be OK , but it shows HMRC using information they obtain from one taxpayer to look into another. They work in joint teams, too, so what starts up as VAT can lead on to an Income Tax enquiry. This is an area where they are quite active, but the way you are doing your shoot day sounds fine - fortunately." Personal, Professional, and Proactive. The Office 20 King's Lynn Road Hunstanton PE36 SHP © 01485 534800 / 535100 O ryan.fisher@kathryngigg.co.uk "Thanks Ryan, you've put my mind at ease - all we need worry about now is what the Chancellor has come up with in his first Budget..."

Date: 20 March 2020

Active Ad

This ad expires on
19 April 2020 (16 days)
more_vert

Kathryn Gigg

Finance / Accountants

Call
Call 01485 534800
Directions
Get directions to this
location on Google Maps.
Website
Open website
in new tab.

Text

Kathryn Gigg Honeypot Farm Chapter 1: CHARTERED ACCOUNTANTS BUSINESS ADVISERS | TAX CONSULTANTS By Ryan Fisher ACCA FMAAT of Kathryn Gigg Chartered Accountants Continuing the Story of the fictitious Norfolk Farm: The VATman cometh. Accountancy, Business and Tax Advice for Farmers, Landowners and When the Carters of Honeypot Farm phone Ryan at Kathryn Gigg Chartered Accountants, it is always interesting. This time there was a note of concern: "Ryan, is there something going on at the VAT office? My friend at the game farm had a visit in August, then, just before Christmas, they went to see our landlord, and now we've had a call. What's going on? Agri-businesses. "Hmm" said Ryan, "You don't have a shoot though?" "We haven't run a shoot for years. We started renting the shooting rights last year as the last shooting tenants were a right pain, but we don't shoot the rented land at all. Some years we have a day at Honeypot with our neighbours, but that is just a few wild birds with the family beating, and we even pay the farm for a bit of corn we put down, There can't be anything wrong there, surely?" "Well" continued Ryan, I guess the specialist shooting team have picked up your landlord from the game farm books, and they have picked up the shooting rent from his accounts - since it is purely a business payment it should be OK , but it shows HMRC using information they obtain from one taxpayer to look into another. They work in joint teams, too, so what starts up as VAT can lead on to an Income Tax enquiry. This is an area where they are quite active, but the way you are doing your shoot day sounds fine - fortunately." Personal, Professional, and Proactive. The Office 20 King's Lynn Road Hunstanton PE36 SHP © 01485 534800 / 535100 O ryan.fisher@kathryngigg.co.uk "Thanks Ryan, you've put my mind at ease - all we need worry about now is what the Chancellor has come up with in his first Budget..." Kathryn Gigg Honeypot Farm Chapter 1: CHARTERED ACCOUNTANTS BUSINESS ADVISERS | TAX CONSULTANTS By Ryan Fisher ACCA FMAAT of Kathryn Gigg Chartered Accountants Continuing the Story of the fictitious Norfolk Farm: The VATman cometh. Accountancy, Business and Tax Advice for Farmers, Landowners and When the Carters of Honeypot Farm phone Ryan at Kathryn Gigg Chartered Accountants, it is always interesting. This time there was a note of concern: "Ryan, is there something going on at the VAT office? My friend at the game farm had a visit in August, then, just before Christmas, they went to see our landlord, and now we've had a call. What's going on? Agri-businesses. "Hmm" said Ryan, "You don't have a shoot though?" "We haven't run a shoot for years. We started renting the shooting rights last year as the last shooting tenants were a right pain, but we don't shoot the rented land at all. Some years we have a day at Honeypot with our neighbours, but that is just a few wild birds with the family beating, and we even pay the farm for a bit of corn we put down, There can't be anything wrong there, surely?" "Well" continued Ryan, I guess the specialist shooting team have picked up your landlord from the game farm books, and they have picked up the shooting rent from his accounts - since it is purely a business payment it should be OK , but it shows HMRC using information they obtain from one taxpayer to look into another. They work in joint teams, too, so what starts up as VAT can lead on to an Income Tax enquiry. This is an area where they are quite active, but the way you are doing your shoot day sounds fine - fortunately." Personal, Professional, and Proactive. The Office 20 King's Lynn Road Hunstanton PE36 SHP © 01485 534800 / 535100 O ryan.fisher@kathryngigg.co.uk "Thanks Ryan, you've put my mind at ease - all we need worry about now is what the Chancellor has come up with in his first Budget..."

Other Ads

codeEmbed

Ads Widget

close

Widget URL

Embed Code

Embed these ads anywhere HTML code is accepted by pasting the snippet below.