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Bridge Farm blues

30 August 2011 / Richard Curtis
Issue: 4319 / Categories: Comment & Analysis , Business , Income Tax
RICHARD CURTIS looks at averaging claims

KEY POINTS

  • Profits can be averaged under ITTOIA 2005 s 221 et seq.
  • Marginal relief can also apply.
  • The effect of averaging on taxable profits. Don’t overlook NICs tax credits etc.
  • Averaging also applies to creative artists.  

Rufus the Dog is a big fan of The Archers although why he insists on listening to the daily instalments as well as the Sunday morning omnibus I’ll never know.

I suspect his wolf-like leanings bring on a desire for a bit of sheep worrying but perhaps we’d better not go there – especially since that recent and rather unfortunate encounter with an old English sheepdog....

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