Basic payment scheme: tax and accounting implications

Taxation

Although from January 2015 the Single Payment Scheme was succeeded by the Basic Payment Scheme the taxation implications remain very much the same. The standard tax guidance is based upon, a special edition of Tax Bulletin, which was issued by HM Revenue and Customs (HMRC) on 24 June 2005 and a technical release by the chartered accountancy bodies of Scotland, England and Wales issued in August 2008. This Business Guide summarises the relevant points set out in these documents.