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Farm income tax.

80sDiesel · 2017-03-17 13:39:20

I rented some land to a farmer for 2 years ( only 12 acres) so I have to declare I believe it as farm income next year. ( I am paye ) I intend to use it as my hobby after that. I assume this will be taxed at my high rate but can I offset anything

17-03-2017 2:39pm

#1

80sDiesel

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I rented some land to a farmer for 2 years ( only 12 acres) so I have to declare I believe it as farm income next year. ( I am paye ) I intend to use it as my hobby after that.

I assume this will be taxed at my high rate but can I offset anything

A man is rich in proportion to the number of things which he can afford to let alone.

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#2 22-03-2017 2:31pm

kk.man

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80sDiesel wrote: »

I rented some land to a farmer for 2 years ( only 12 acres) so I have to declare I believe it as farm income next year. ( I am paye ) I intend to use it as my hobby after that.

I assume this will be taxed at my high rate but can I offset anything

YES you must declare it...bet the farmer who rents it is declaring it. Either way you must...you might not be taxed at the high rate but a professional will tell u that...if you had any expenses from the land they can be off set ie auctioneers fees ...fencing..land drainage..etc.

One thing is certain in life....

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