Agriculture
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:
Advisory Services
- Inheritance Tax exposure minimisation.
- Business exit planning, perhaps enabling you to retire early and succession
- Structuring your affairs to protect wealth.
- Optimising capital allowances claims on plant and buildings capital expenditure.
- Capital Gains Tax on development land sales.
- 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).
- Helping you to understand your performance
- Examining whether you are eligible, and advising you whether it would save you tax, if you make a farmers averaging election (under both 2 or 5 year rules),
- How best to own agricultural land (business, personal, SPV (Special Purpose Vehicle)) and structure tenancies.
- Company pre year end planning,
- Helping you source and apply for grant finance.
- Bench-marking your turnover growth.
- Valuing your business.
- 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.
Outsourcing Services
- Company secretarial duties including maintaining your statutory registers and minutes, together with annual Companies House submissions.
- Payroll
Compliance Services
- 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 our Tax Fee Protection Service 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:
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- Benefits in kind
- VAT recovery on property costs
- Capital allowance claims,
- Land disposals
- Ongoing losses/profit motive.
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.
Newsletter edition:
Issue 26 coming soon | 25 | 24 | 23 | 22 | 21 | 20 | 19 | 18 | 17 | 16 | 15 | 14 | 13 | 12 | 11 | 10 | 9 | 8 | 7 | 6 | 5 | 4 | 3 | 2 | 1
Our Tax Group Brief Guides:
Agricultural and Business Property Reliefs | Annual Investment Allowance | Annual Tax on Enveloped Dwellings | Buy To Let Properties: Tax Implications | Inheritance Tax | Pension Death Benefits Guidance | Tax Relief on Mortgage Interest for Residential Landlords | Tax Year End Planning
Get In Touch
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 also offer a free initial consultation to potential new clients.
Client Review
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.
