Farm tax investigation - the risk for farmers and need to prepare

With HMRC under pressure to increase revenue in the face of rising government borrowing costs, many farmers are likely to experience their first ever "benefit-in-kind" (BIK) inspection in the months and years ahead. Five thousand extra inspectors are planned to be recruited with the aim of raising an additional £6.5 billion in tax revenues by 2029/2030 - this will mean approximately one new inspector per 1,000 small businesses in the UK.