CHANCELLOR GEORGE Osborne has announced plans to allow farmers to average out their income across five years in a measure that could amount to a tax saving of £100 million.
In the spring budget, Osborne revealed that self-employed farmers would enjoy the benefits of an increase of three years on current income averaging, which is used for income tax purposes.
The new tax relief initiative is expected to prove popular with the agricultural community, which has suffered over the past few years as a result of the recession and competition from overseas producers.
This is just one a number of potentially beneficial plans for the hospitality industry, from the government in this year’s budget outline.
Osborne also revealed a 1p per pint cut in beer duty, while cider and Scottish whisky are to enjoy a cut in rates of 2% – a major boost to manufacturers and operators who can expect to make massive savings as a result of these changes.
Scrapping national insurance contributions for staff under the age of 21 from this April and apprentices from April 2016 added to the budget bonanza, which is one the most positive for the hospitality sector in years.