Diversification
17 April 2000
Diversification
AS a single handed hillfarmer in the Pennines, I have for a long time used a qualification gained at night school to supplement the income from the farm, and more recently to support the farm.
The difficulty I have is fitting the two jobs together – beef and sheep, and electrical contracting – both timewise and from an accounting and tax point of view.
VAT registration is for the person or limited company while taxation by the Revenue is separated between the two “separate” businesses, creating accounting problems which increase time spent on the accounts and money with the accountants.
If a person is “making a living” by whatever type of work, then the earnings should be treated all alike for tax and VAT.
This would reduce the workload and end the search for
the 32-hour, 11day week now required by those wishing to diversify rather than join the dole queue.
Mr Blair, please note.
Email:
laund@farmersweekly.net