Around 475,000 jobs contribute to the British agricultural industry, and with 61% of the nation’s food produced by UK farmers, it is clear that a successful farming sector is an essential part of the British economy.

But like many other sectors, adapting to change and finding new ways to generate revenue is becoming more and more important for farming businesses.

Succession planning continues to be a pressing concern. An aging workforce and declining numbers of new entrants means that this remains a key challenge for the sector and individual farming families alike.  Efficient financial management is essential to maintaining a thriving business, and staying aware of the relevant tax and compliance obligations is a necessary consideration for any new farmer.

Diversification also remains a priority for many businesses. With 70% of the UK landscape managed by farmers, increasing profits through alternative, responsible use of farmland is an intelligent method of generating new revenue streams.

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Caroline Peters

Helping farming businesses thrive during times of change

As farming methods have evolved through the decades, so have the services that we provide to our clients. As members of the National Farmers’ Union (NFU), the Country, Land and Business Association (CLA) and the Essex Agricultural Society, our experienced team stay abreast of the financial, legislative and compliance changes impacting our clients and their livelihoods.

Whether you’re a sole contractor or a large limited company, we take the time to gain an in-depth understanding of your business and its priorities to help you reach your long-term goals.

Our depth of knowledge and experience enables us to provide valuable insight and suggest practical solutions.

Specialist services

In addition to assisting with the core services of bookkeeping, payroll, accounts preparation, audit, income and corporation tax, our team understand your additional needs, including:

Even if your property is exempt from the Annual Tax on Enveloped Dwellings, you still need to make the necessary return. Our team are able to advise when one will be due.

Our team can provide bookkeeping services suited to the farming business. We act as a bureau for Landmark, meaning you can access your data at any time whilst we maintain the records for you. Landmark specialises in agricultural software and can include financial, cropping and livestock management packages to suit your needs. You may also chose to maintain your records on Landmark yourself which is no problem for us since we can easily access your records when it comes to preparing the year end accounts.

We are also an accredited partner with Farmplan who are a market-leading farm software provider. Farmplan also provide additional software for maintaining crops and livestock and their software is widely used in the farming community. Once again we can access this information via a third-party back-up as required which helps us with the year-end production of accounts.

Please contact us if you would like to discuss your bookkeeping requirements in more detail.

Generate sustainable revenue from your land. Our team can advise on a range of land development challenges and the related tax complexities.

As part of preparing your tax return, our team will consider whether it is worth making a claim to reduce your tax or assist with cash flow.

including Agricultural Property Relief and Business Property Relief. Be clear on the tax relief that you could be eligible for. Our specialist tax team will help navigate you through the complexities associated with these reliefs.

We are happy to work alongside your solicitors to ensure that these cover practical issues as well as considering the tax and accounting consequences of specific clauses.

We will prepare these and other management information that will help you keep track of your business or as a specific request when you are looking to obtain finance.

These are key points for ensuring correct income tax compliance in addition to being key to diversification or succession planning.

There are specific rules to be able to claim these valuable reliefs.  Our tax team are fully conversant with rules and can translate these into plain English to help you understand and take full advantage of the reliefs available.

Whether selling up completely or passing part of your farm on to your family, we are able to help you understand the potential tax and SDLT liabilities and help you to mitigate these, in particular by making full use of the very valuable Entrepreneurs’ Relief where applicable.

Protect your assets and make the right decisions for your business and family with our guidance.  Our team will also help you consider practical points for you and your family – enabling you to communicate your succession plan to banks, suppliers and lenders.

Our VAT team are experienced and can help you to avoid potential issues arising from diversification, development issues and capital projects, in addition to helping with more routine matters such as partial exemption.

Keeping you up to date

We also provide updates via our blogs, briefings and newsletters, and hold an annual farming families presentation in February each year.

To find out more about how our services can benefit your business, please contact us for an informal introductory meeting.

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