As accountants based in the heart of the fertile East Anglian region, agriculture remains our biggest client group, requiring a wide range of specialist accounting and tax services.
We have developed a wealth of accounting/tax experience and insights into acting for agricultural clients, who typically require a mix of our services such as:
- Assisting you to make your book-keeping system Making Tax Digital compliant.
- Preparation of annual statutory accounts, including stock valuation in accordance with HMRC rules.
- Completion and submission to HMRC of business tax returns (company tax return, ATED & P11ds), ensuring in compliance with HMRC industry specific tax rules.
- Completion and submission to HMRC of the directors personal self-assessment tax returns.
- Before submitting these tax returns to HMRC, taking out tax investigation insurance to mitigate the potential extra professional fees that would arise if HMRC open a tax enquiry into one of your tax returns. Key risk areas for such an enquiry in this sector:
- Benefits in kind
- VAT recovery on property costs
- Capital allowance claims,
- Land disposals
- Ongoing losses/profit motive.
- Company secretarial duties including maintaining your statutory registers and minutes, together with annual Companies House submissions.
- Consideration of whether to trade as an unincorporated or a limited company entity.
- Maximising VAT recovery on property and other non core expenses (including consideration of property options to tax).
- Optimising capital allowances claims on plant and buildings capital expenditure.
- How best to own agricultural land (business, personal, SSAS or SIPP pension or SPV) and structure tenancies.
- Capital gains tax on development land sales.
- Company pre year end planning,
- Helping you source and apply for grant finance.
- Inheritance tax exposure minimisation.
- Bench-marking your turnover growth.
- Valuing your business.
- Business exit planning, perhaps enabling you to retire early,
- Structuring your affairs to protect wealth.
- Pensions and investments wealth management.
- Using pension contributions, disclaimed capital allowances, loss relief claims, capital expenditure and farmers averaging elections to smooth out the tax treatment of good and bad harvests.
- Tax planning in other areas of the business.
Our Farming Group meet regularly throughout the year, with representatives from across the firm discussing current affairs impacting the sector as well as ensuring the team are up to date with recent legislative changes. This group also develops half-yearly agricultural newsletters which offer discussion on current subjects within the industry.
Our Tax Group “A Brief Guide to…” publications:
- Agricultural and Business Property Reliefs | Annual Investment Allowance | Annual Tax on Enveloped Dwellings | Buy To Let Properties: Tax Implications | Furnished Holiday Lets | Inheritance Tax | Individual Savings Accounts | Pension Death Benefits Guidance | Stamp Duty Land Tax | Tax Relief on Mortgage Interest for Residential Landlords | Tax Year End Planning | Trusts
Get in touch with your local office and speak to one of our specialist agriculture accountants, to see how we can add value to your business.
We offer a free initial consultation to potential new clients.
In the years that you and your colleagues have acted as my accountants, a professional service has developed into a valued friendship and source of financial advice and guidance. In both service and professional terms, you have really gone the extra mile.