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Farming grants in tax return

stainluss · 2018-08-09 10:27:52

Do I include farming grants in my tax return? (e.g. if there is some left over is it considered a profit?)

09-08-2018 11:27am

#1

stainluss

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Do I include farming grants in my tax return? (e.g. if there is some left over is it considered a profit?)

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#2 09-08-2018 10:54pm

duffysfarm

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Not trying to be smart but if you have to ask that question should you be doing your own tax return? A good accountant will pay for themselves. Do you know what stock relief is?

To answer your question it depends on what type of grant. If it's single farm payment then it's taxable income. There is a seperate box for it in form 11. If it's a building grant then it's offset against cost of building and then capital allowances on the balance.

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