A pile of £1 coin on top of a spread of £5 notes© Jeff Blackler/REX/Shutterstock
Farmers have been warned to be aware of the complexities surrounding the use of sideways loss relief  to minimise income tax bills. Accountant Saffery Champness said it was offering “a word of caution” about the relief for losses arising from farming after a number of tax tribunals involving farmers which have ruled in favour of HMRC. In principle, sideways loss relief can be used where losses, arising from a trade undertaken on a commercial basis and with a view to […]