Key Takeaways:
1. Many sales of land for development involve a promotion agreement with a third party who obtains planning permission and markets the land. Specialist agricultural accounting firms like Hazelwoods offer services to help vendors structure the VAT position on land sales for development to enable the VAT to be reclaimed.
2. Accounting services provided by specialist agricultural accounting firms are crucial for farmers and agricultural businesses, providing services such as tailored financial planning, tax minimization, and succession planning. Firms like LoveWell Blake offer customized services to meet their clients’ unique needs, backed by staff with farming backgrounds and strong links to the industry.
3. Partnering with specialist agricultural accounting firms provides numerous benefits, including access to expert knowledge in all aspects of finance and taxation related to farming, guidance on property and land transactions to minimize tax bills, and the ability to work closely with farmers, landowners, and agri-businesses to represent their interests. Agricultural accounting firms such as Albert Goodman, UHY Ross Brooke, PKF Francis Clark, and Ellacotts offer a range of services to help agricultural businesses succeed.
4. Specialist agricultural accounting firms recognize that every agricultural operation needs to be run as a business and understand the challenges and opportunities facing the industry. They can provide guidance on the best software fit for businesses affected by Making Tax Digital. LoveWell Blake has worked with over 400 agricultural businesses and specializes in the agricultural industry.
In today’s world, it is vital to keep track of the financial aspects and operations of all businesses, including farming and agriculture. One of the crucial steps towards that goal is hiring an efficient accountant. In this section, we will explore the significance of accounting services for farmers and agricultural businesses. With the right accounting service, farmers can make informed financial decisions that benefit their agricultural operations.
Accounting services play a crucial role in ensuring the success of farmers and agricultural businesses. With the help of specialist agricultural accounting firms, farmers can receive customised services that are tailored to meet their unique needs. These firms have a farming background and industry links that enable them to provide expert advice to farmers on various financial matters.
The services offered by these experts include optimising VAT on land sales, minimising tax liability, identifying exposure to Inheritance Tax, and providing solutions to manage it. Additionally, they offer guidance on setting up contract farming agreements or share farming agreements and provide assistance with land transactions to minimise tax bills.
Working with specialist agricultural accounting firms also comes with numerous benefits. These professionals understand the challenges and opportunities facing the agricultural industry when it comes to finance and taxation. They are market leaders in representing farmers’ interests, agri-businesses, and landowners. They can help businesses affected by Making Tax Digital find suitable software solutions, and they work closely with land agents and solicitors to ensure legal documents reflect families’ and businesses’ needs for inheritance tax and succession planning.
Furthermore, accounting firms offer diversified land management and property services coupled with technical advice on making tax digital rules associated with rural businesses, which support vibrant economies. With their farming background and strong links to the industry, these firms deliver expert financial and taxation advice tailored to the unique needs of farmers and agricultural businesses.
Overall, it is crucial for farmers and agricultural businesses to seek the help of specialist agricultural accounting firms to receive bespoke financial advice that can make all the difference in achieving success.
Agriculture is a complex industry and it is important to find an accountant who fully comprehends its nuances. This is where agricultural accounting firms specialize, providing customized services to suit each client’s specific requirements. With a farming background and extensive ties to the industry, these firms are superbly poised to offer professional guidance and assistance to farmers and other rural businesses.
Tailored services are crucial for agricultural businesses, and specialist agricultural accounting firms are well-equipped to provide these services. These firms understand the complexities of the farming industry and offer diverse services such as financial planning, cash flows, and gross margin accounts. Their aim is to help increase profits and protect business assets while meeting the specific needs of each client.
One of the key benefits of working with agricultural accounting firms is the personal consultations they offer. These consultations enable them to develop plans tailored to each client’s unique requirements, including succession planning and contract farming agreements. They can also advise on minimizing exposure to Inheritance Tax through lifetime gifts or tax plans.
Agricultural accounting firms also have a strong background in farming and possess industry-specific knowledge. They understand the challenges and opportunities that farmers face daily and use this knowledge to offer guidance on managing tax bills for property and land transactions. They can also help realize potential efficiencies in income generation by reducing external costs associated with farm work.
These specialized services have led many firms to become leaders in the field, representing farmers’ interests concerning landowners and agri-businesses. They also provide advice on software that can accommodate Making Tax Digital rules for rural businesses and stay current with regulatory guidelines.
Accountants For Farmers note that accounting professionals have been supporting the agricultural industry for many years while offering diversified land management and property services suited specifically to meet clients’ unique needs. Partnering with an agricultural accounting firm can reduce stress levels while ensuring long-term security for farmers’ financial future.
Partnering with a specialist agricultural accounting firm that has a background in farming and strong links to the industry provides several advantages. This type of firm understands the unique financial challenges that farmers and agricultural businesses face and can offer expert advice on financial planning, minimizing tax liabilities, and increasing profits.
Moreover, an agricultural accounting firm with this type of background can offer valuable guidance on structuring VAT positions on land sales, identifying exposure to inheritance tax and providing advice on property transactions to minimize tax bills. They can also assist with succession planning services to protect family wealth and help set up contract farming or share farming agreements. Additionally, these firms can provide advice on the software best suited for businesses affected by Making Tax Digital.
Partnering with a firm that has a background in farming and strong links to the industry can bring multiple benefits. These firms have expert knowledge of all aspects of finance and taxation related to farming and are market leaders in the sector, representing farmers, landowners, and agri-businesses. They work closely with legal practitioners and land agents to ensure legal documents reflect clients’ wishes when it comes to inheritance tax and succession planning.
In summary, working with an agricultural accounting firm that has a background in farming and strong links to the industry ensures that farmers and agri-businesses access unique services tailored specifically to their needs. These firms understand the challenges faced in the sector and are in a better position to offer informed guidance resulting in increased profit margins while safeguarding farm assets.
As accountants for farmers, we offer a comprehensive range of services to help our clients manage their finances and increase profits. We provide advice on minimizing tax liabilities and generating extra cash flow for businesses, including structuring VAT positions and identifying exposure to Inheritance Tax. Our expertise extends to financial planning, contract farming, and land transactions. We also provide alternative tax plans to minimize tax bills. Our services aim to safeguard farm assets, secure business succession, and protect family wealth.
Specialist agricultural accounting firms offer a crucial service in structuring the VAT position on land sales. This service is essential for farmers and agri-businesses to engage in land transactions while minimizing their tax liability and maximizing their profits. Expert advice is necessary to achieve this goal.
The table below outlines how specialist agricultural accounting firms structure the VAT position on land sales:
In addition to this service, agricultural accountants also advise their clients on effective ways of minimizing their inheritance tax liability on assets. They provide solutions such as lifetime gifts or alternate tax plans. Agri-business owners are also informed about setting up contract farming or share farming arrangements.
By seeking the advice of specialist agricultural accounting firms, farmers and agri-businesses can benefit from expert guidance on structuring the VAT position on land sales, allowing them to reclaim VAT and maximize their profits.
Agricultural businesses and farmers can benefit from tailored services offered by accounting firms. These services help them minimize their tax liability, generate extra cash, and reduce the cost of getting work done. Agricultural accounting firms have a strong background in farming and maintain strong links to the industry. This expertise enables them to structure the VAT position on land sales in a way that enables VAT reclamation.
Apart from minimizing tax liability, these firms offer financial planning services like cash flow and gross margin accounts, all of which can increase profits and protect farm assets. Additionally, these firms provide succession planning services to secure assets of the business and protect families’ wealth. This ensures a reduction in the burden of inheritance tax by managing it through lifetime gifts or alternative tax plans.
In terms of farm efficiency and profitability, these firms provide advice on setting up contract farming or share farming agreements that minimize potential problems and reduce costs. Moreover, they offer guidance on property and land transactions that help farmers minimize their tax bills.
Working with specialist agricultural accounting firms offers many benefits such as access to partners and staff with farming backgrounds who understand challenges and opportunities facing the industry. They possess expertise in all aspects of finance and taxation related to farming, making them market leaders in the agricultural sector representing the interests of farmers, landowners, and agri-businesses.
Finally, these firms can offer advice on software fit tailored specifically for businesses affected by Making Tax Digital. They work closely with land agents and solicitors to ensure legal documents reflect families’ needs for inheritance tax and succession planning.
Financial planning, cash flow management, and gross margin accounts are critical for farmers and agricultural businesses to increase profits and safeguard their assets. Specialized agricultural accounting firms offer various services to guide these businesses in managing finances, predicting future cash flows, and making informed decisions to maximize profitability while minimizing risks.
Financial planning services provide guidance on financial management, risk analysis, and mitigation strategies. Cash flow management services analyze current and expected cash inflows/outflows, offering recommendations for improved liquidity management. Gross margin accounts provide detailed profitability analyses of crops/livestock, offering insights into production costs to help farmers increase their net margins.
These accounting services play a crucial role in ensuring farming businesses remain sustainable for the long term. By identifying potential risk or inefficiency areas, farmers can proactively implement measures to safeguard their assets while simultaneously improving overall profitability. Specialist agricultural accounting firms have a unique understanding of the complexities associated with operating a farming business, enabling them to offer tailored advice on efficient resource utilization, such as land and labor.
Overall, financial planning services are essential for farmers to achieve better outcomes and ensure long-term prosperity for their businesses. Specialists in this field provide valuable resources that enable farmers to make informed decisions and manage their finances effectively.
Specialized agricultural accounting firms offer a range of services to farmers and agricultural businesses, with a focus on succession planning. Succession planning is critical for securing the assets of the business and protecting the family’s wealth, by ensuring a seamless transition from one generation to the next.
To achieve this, specialized agricultural accounting firms provide comprehensive succession planning services, which include identifying and assessing potential successors, providing education and mentoring to develop their skills and interests, and creating a comprehensive estate plan that considers legal protection against state taxes.
In addition, these firms also assist clients in distributing their assets during their lifetimes or upon death, working to ensure that their wishes are carried out and that their wealth is protected. This may involve identifying insurance policies that can be used to fund these plans in the event of unforeseen circumstances like disability or sudden death.
Drawing on their extensive experience working with families running rural enterprises with complex structures, specialized agricultural accounting firms are uniquely equipped to offer wealth protection strategies tailored specifically for farming families. By working closely with their clients, these firms are able to help protect their income streams, assets, and other wealth from taxes, ensuring the sustainability of farmers and agri-businesses across generations.
If you are a farmer or own an agricultural business, it is important to identify your exposure to inheritance tax and manage it accordingly through the use of lifetime gifts or alternative tax plans. This is where specialist agricultural accounting firms can offer crucial services. Without proper planning, you may end up paying excessive taxes. These firms can provide valuable advice on inheritance planning, property transactions, and other relevant areas to help you minimize your tax bill.
To help mitigate your inheritance tax liability, you can follow a six-step guide offered by these firms. This includes identifying your current assets, considering any lifetime gifts that could be made, assessing the possibility of using exemptions and reliefs, looking at the use of trusts, planning business succession for both agricultural and non-agricultural assets, and regularly reviewing all plans.
Overall, identifying your exposure to inheritance tax and managing it through lifetime gifts or alternative tax plans is essential to safeguard your wealth in both the short-term and long-term. Specialist agricultural accounting firms have staff that possess farming backgrounds and can offer tailored services. With their market-leading expertise in finance and taxation, they can help you navigate complex tax regulations while working closely with legal practitioners when required.
Accounting firms for farmers have underpinned the vibrant economy supporting farms for many years. They not only offer accounting services but also diversified land management and property consultancy services. So, if you want to get the best out of your farming agreements, it’s best to seek the expert advice of our specialist agricultural accounting firms who can assist you with setting up contract and share farming.
Agricultural accounting firms are specialized in providing tailored services to help farmers and agri-businesses manage their diverse financial needs. These firms have a strong background in farming and understand the challenges and opportunities facing the industry. One of the many services these firms offer is advice on setting up contract farming or share farming agreements.
Contract farming or share farming agreements are a collaboration between two parties, where one provides land, labour or capital, while the other oversees production. Agricultural accounting firms can provide guidance on how to structure these agreements to minimize tax bills for all parties involved.
In addition to this, these firms can help in drafting legal documents that reflect the needs and wishes of families and businesses for inheritance tax and succession planning. They work closely with land agents and solicitors to secure business assets and protect family wealth while improving profits through financial planning, cash flow, and gross margin accounts, among other tools.
Apart from their expertise in agricultural finance and taxation, accounting firms also advise rural businesses affected by Making Tax Digital on the best software solutions to use. They are market leaders who represent the interests of farmers, landowners, and agri-businesses.
Overall, accounting firms have been underpinning the vibrant economy supporting farms for many years, providing specialized services like diversified property management, technical advice on making tax digital rules for rural businesses, and more to promote sustainable growth for the agricultural sector. With their expertise, agricultural accounting firms offer valuable guidance to help farmers and agri-businesses thrive.
When it comes to property and land transactions, proper guidance is essential to minimize tax bills for farmers and agricultural businesses. For this reason, it’s crucial to work with specialist agricultural accounting firms that have the expertise and knowledge required to offer tailored advice on this subject matter.
The unique challenges and opportunities facing the farming industry require specialized knowledge in all aspects of finance and taxation related to farming. As such, by working with a specialized agricultural accounting firm, farmers and agri-business owners can benefit from invaluable guidance on minimizing tax liabilities associated with property and land transactions.
The team of experts at these firms analyze each transaction carefully to ensure that overall expenses for the farmer or agri-business owner are minimized. This includes providing advice on matters such as capital gains, stamp duty land taxes, business rates, and VAT treatment on property sales or purchases. They also ensure compliance with other relevant regulations specific to the rural estates.
Specialist agricultural accounting firms have not only played a pivotal role in providing traditional accounting services but also diversified land management and property services such as diversification projects aimed at increasing income yield from rural assets. As consistently reputable market leaders in their field of expertise, they are essential for any farmer or agri-business owner looking to reduce tax bills associated with property and land transactions.
If you’re a farmer, you know how essential it is to have a good accountant. In this section, we’ll explore the benefits of working with specialist agricultural accounting firms. These firms are recognized market leaders in the agricultural sector and provide expert advice on finance and taxation. They understand the unique challenges and opportunities that come with the industry.
In addition, they can offer invaluable guidance on the best software solutions for businesses affected by Making Tax Digital. Furthermore, they work closely with land agents and solicitors to ensure that your legal documents are tailored to your specific needs and wishes.
Specialist agricultural accounting firms are uniquely positioned to offer tailored services to farmers and agri-businesses. By partnering with such firms, clients gain access to staff and partners who have extensive backgrounds in farming and understand the dynamics of the industry, including its challenges and opportunities.
These firms provide expertise in a range of areas, including tax advice, financial planning, cash flow management, gross margin accounts, succession planning, inheritance tax planning, property transactions, and setting up contract farming or share agreements. With staff and partners who have farming backgrounds, agricultural accounting firms are ideally positioned to identify potential issues early on and advise clients on the best course of action in every situation.
Farming poses unique challenges, from dealing with livestock disease outbreaks to unpredictable weather patterns, that require specialized knowledge. Agricultural businesses also face different tax rules compared to other industries due to the nature of their activities. Partnering with firms that specialize in agricultural accounting helps clients avoid costly mistakes and ensures that they are taking advantage of all available tax benefits.
Many reputable firms in this industry can trace their history back several generations and have been underpinning a vibrant economy that supports farms for many years. By partnering with a specialist agricultural accounting firm, clients can rest assured that they are receiving expert advice that is tailored to their specific needs and that they are working with professionals who understand the challenges and opportunities facing the industry.
Specialist agricultural accounting firms stand out for their unparalleled expertise in all aspects of finance and taxation related to farming. They understand the unique challenges faced by farmers and agribusinesses, and stay up-to-date with changes in tax laws and regulations. These firms provide a range of tailored services to their clients, including optimizing VAT positions on land sales, minimizing tax liability, and generating extra cash.
Moreover, these firms are market leaders in the agricultural sector, representing the interests of farmers and landowners alike. They offer invaluable guidance on property and land transactions that help minimize tax bills. What sets these firms apart is their ability to advise on the best software fit for businesses affected by Making Tax Digital (MTD), all while still working closely with land agents and solicitors to ensure legal documents reflect the families’ needs for inheritance tax and succession planning.
Clients who work with specialist agricultural accounting firms can expect a comprehensive approach to their financial needs and protection of assets. These experts also offer succession planning services designed to secure the assets of the business while protecting the family’s wealth. In summary, working with specialist agricultural accounting firms provides clients with expert guidance that can improve profitability while safeguarding valuable assets.
The agricultural sector is serviced by market leaders, namely firms specializing in agricultural accounting. These firms advocate for the interests of farmers, landowners, and agribusinesses through their in-depth knowledge and expertise in finance and taxation, as it pertains to farming. Moreover, these professional firms have staff members who hail from a farming background, thus providing them with a keen awareness of the industry’s opportunities and challenges. Their diversified land management and property services are tailored to the clients’ unique needs. These services include recommendations on minimizing tax liabilities, generating extra cash for businesses, reducing work costs, financial planning, cash flow management, and gross margin accounts to safeguard assets. They also offer succession planning services designed to protect business assets and family wealth, as well as managing inheritance tax exposures.
With the provision of up-to-date technical advice on Making Tax Digital (MTD), these firms ensure that rural businesses remain compliant with the latest regulations. In addition, they work closely with land agents and solicitors to ensure that legal documents reflect the clients’ wishes for inheritance tax and succession planning.
Furthermore, these specialist firms offer advisory support services like recommending software fit for specific client needs under MTD rules. They also advise clients on tax issues like VAT reclaims through well-structured transactions relating to property sales or identifying exposures to inheritance tax and managing it efficiently through gifts or alternative tax arrangements. The specialized services of these firms play a pivotal role in the vibrancy of economies that support farms for generations to come. Stay ahead of the digital tax curve by seeking the software advice of agricultural accounting experts.
Specialist agricultural accounting firms can provide valuable advice on software selection for businesses impacted by Making Tax Digital. This service is crucial in ensuring that farmers and agricultural businesses meet new tax requirements while reducing their tax liabilities. These firms possess expertise in all financial and taxation aspects related to farming. They work closely with land agents and solicitors to ensure that legal documents reflect the needs and desires of families and businesses concerning succession planning and inheritance tax. Moreover, they are market leaders in the agricultural sector representing landowners, farmers, and agri-businesses.
These specialist firms have the ability to offer advice on the best software fit for businesses affected by Making Tax Digital. By offering guidance on suitable software for their clients’ needs, these accounting firms help farmers and agricultural businesses streamline their tax reporting process while ensuring compliance with HMRC audits. They offer tailored solutions that meet the particular requirements of their clients. Therefore, it is worth consulting with these experts to ensure that your business is fully compliant with recent changes in tax regulation and able to maximize tax efficiency.
Agricultural accounting firms are essential partners for farmers and agribusinesses. These firms offer a wide range of services that help clients manage their finances and protect their assets. One of the key services offered by these firms is inheritance tax and succession planning. Agricultural accounting firms work closely with land agents and solicitors to ensure that legal documents align with their clients’ needs and wishes. This ensures that their clients’ assets are protected and their businesses continue to thrive.
In addition to offering inheritance tax and succession planning services, agricultural accounting firms also provide expert technical advice on tax regulations. This includes making tax digital and other relevant tax rules that affect rural businesses. By staying up-to-date on the latest regulations, these firms help their clients minimize their tax liabilities and increase their profits.
Specialized agricultural accounting firms also offer diversified land management and property services. By partnering with legal professionals, these firms provide tailor-made services that go beyond accounting. These services help to protect clients’ assets and generate additional cash flow for their businesses.
The farming background of partners and staff members in these firms provides a unique advantage to clients. They have a deep understanding of the challenges facing the industry and are able to identify exposure to inheritance tax and manage it effectively. This includes lifetime gifts or alternative tax plans. They also help clients structure their VAT position on land sales optimally, produce gross margin accounts that increase profits, safeguard farm assets, and ensure smooth succession planning.
Partnering with specialized agricultural accounting firms offers numerous benefits for farming businesses seeking financial planning services. By working closely with legal experts, they ensure that legal documents align with their clients’ needs effectively. Their expert technical advice on issues affecting rural business owners helps underpin a vibrant economy that supports farms for many years.
Accounting firms have been supporting farmers, their businesses, and the wider rural economy for many years. They offer more than just traditional financial accounting services, providing valuable land management and property services. In this section, we will explore the role accountants play in supporting the agricultural sector and discuss technical advice on accounting systems and tax rules, particularly in relation to making tax digital for rural businesses.
Accounting firms have been supporting farms and agricultural businesses for many years, underpinning a vibrant economy. This partnership has led to the development of Specialist Agricultural Accounting Firms, which provide tailored services to meet the unique needs of their clients. These firms have a deep understanding of farming and strong links to the industry.
One of the primary services offered by these specialist firms is advising clients on how to minimize their tax liability. Additionally, they can help generate extra cash for the business and structure the VAT position on land sales to enable VAT to be reclaimed. Moreover, they provide financial planning, cash flow management, and gross margin accounts support to safeguard farm assets. Succession planning is also provided to secure the assets of businesses and protect their families’ wealth.
Specialist Agricultural Accounting Firms are market leaders in the agricultural sector, representing the interests of farmers, landowners, and agribusinesses. They also provide technical advice on making tax digital and other associated tax rules for rural businesses. Collaborating closely with land agents and solicitors ensures that legal documents reflect the needs and wishes of families and businesses, particularly for inheritance tax and succession planning.
One unique advantage of working with these firms is that their staff members have farming backgrounds. This means that they have a deep understanding of the challenges and opportunities facing the agricultural sector, offering expertise in all aspects of finance and taxation related to farming. They can even provide pro tips, such as advising on the best software fit for businesses affected by Making Tax Digital.
Agricultural accounting firms specialize in providing tailored solutions to meet farmers and agricultural businesses’ unique needs through their diversified land management and property services. Leveraging their background in farming and strong industry links, these firms offer various services that help clients maximize profits while safeguarding assets.
These firms offer expertise in all aspects of finance and taxation related to farming, including structuring the VAT position on land sales, minimizing tax liability, financial planning, cash flow, and gross margin accounts, and succession planning services. This way, clients can reduce the cost of work and increase profits while securing the business’s assets and protecting family wealth.
Agricultural accounting firms are partnered with various stakeholders in the agricultural sector, providing specialized advice on identifying exposure to inheritance tax and managing it through lifetime gifts or alternative tax plans. They also advise on setting up contract farming or share farming agreements and offer guidance on property and land transactions to help clients minimize tax bills.
These firms work closely with land agents and solicitors to ensure legal documents reflect families’ needs for inheritance tax and succession planning. Their strengths are vital in understanding Making Tax Digital requirements for rural businesses regarding technical advice while providing support throughout the client’s journey.
With the implementation of Making Tax Digital, it is now mandatory for farm businesses to keep digital records and submit their VAT returns online. This has made it crucial for farmers to seek technical advice on Making Tax Digital and other associated tax rules unique to rural businesses. Specialist agricultural accounting firms have the expertise to provide tailored solutions to comply with the regulatory system. These accountants guide farmers through the process, ensuring that they use the correct software and file their returns accurately to avoid penalties.
In addition to this, these accounting firms can also help identify exposure to Inheritance Tax and manage it through lifetime gifts or alternative tax plans. They can also provide guidance on property and land transactions to minimize tax bills, allowing clients to benefit from a diverse range of land management and property services. To ensure legal documents reflect the needs and wishes of families and businesses for inheritance tax planning, agricultural accountants work closely with land agents and solicitors.
For farmers looking to succeed in their businesses, seeking professional assistance from specialist agricultural accounting firms is essential. By doing so, farmers can gain insights into how they can adjust their business models based on new regulations, as well as gain competitive advantages through access to market leaders in the industry. Failing to do so may result in missed opportunities and subsequent financial losses down the road.
It is important for farmers and those in the agriculture industry to engage a firm of accountants with specialist knowledge of the farming industry to navigate the complex and unique taxation rules. Many sales of land for development involve a promotion agreement with a third party who obtains planning permission and markets the land. Promoters receive a fee for their work on the sale of the land, usually around 20%, which incurs VAT at 20%. Sales of land are usually exempt from VAT, meaning related costs cannot be reclaimed. However, accountants specialized in agriculture can help vendors structure the VAT position on land sales for development to enable the VAT to be reclaimed. Furthermore, accountants specialized in agriculture can provide advice on minimizing tax liability, generating extra cash for businesses, and reducing the cost of getting work done. They can also assist with financial planning, cash flow, and gross margin accounts to increase profits, safeguard farm assets, and maximize tax planning opportunities.
Accountants specialized in agriculture offer a wide range of services tailored specifically to meet clients’ needs. They can provide guidance on legal documents such as wills and trusts and ensure they reflect the needs and wishes of families and businesses for inheritance tax and succession planning. They help identify exposure to Inheritance Tax (IHT) and manage it through lifetime gifts or alternative tax plans. They also have experience in handling associated tax issues and ensuring the business is structured to claim relevant reliefs such as Business Property Relief (BPR) and Agricultural Property Relief (APR). In addition, they offer financial planning and investment services for clients’ retirement, and they can provide advice on setting up contract farming or share farming agreements.
Many sales of land for development involve a promotion agreement with a third party who obtains planning permission and markets the land. Promoters receive a fee for their work on the sale of the land, usually around 20%, which incurs VAT at 20%. Sales of land are usually exempt from VAT, meaning related costs cannot be reclaimed. However, accountants specialized in agriculture can help vendors structure the VAT position on land sales for development to enable the VAT to be reclaimed.
Rural businesses are often family-run and passed down through generations. Accountants specialized in agriculture offer succession planning services to secure the assets of the business and protect the family’s wealth. They understand the challenges of succession and offer practical solutions tailored to each case. They help identify exposure to Inheritance Tax (IHT) and manage it through lifetime gifts or alternative tax plans, and they have experience in handling associated tax issues and ensuring the business is structured to claim relevant reliefs such as Business Property Relief (BPR) and Agricultural Property Relief (APR).
Farming is often a complex and unique industry with many family members involved. Therefore, it is crucial to work with accountants who have experience in farming family affairs. Ellacotts is a firm that provides specialist agriculture accounting advice and has many of their Partners and staff coming from farming backgrounds. They understand the challenges and opportunities facing the farming industry and have expertise in all aspects of finance and taxation related to farming. They are market leaders in the agricultural sector and represent the interests of farmers, landowners, and agri-businesses. They can offer advice on the best software fit for businesses affected by Making Tax Digital (MTD), and work closely with land agents and solicitors to ensure legal documents reflect the needs and wishes of families and businesses for inheritance tax and succession planning. They provide guidance on property and land transactions to minimize tax bills.
