Like businesses in every other sector, farming businesses require annual accounts and tax returns to be prepared. On the face of it, this would appear to be a straightforward task that any accountant could undertake.
In reality, farming businesses present unique issues when preparing accounts and tax returns, and the treatment of these issues can have a significant impact on the tax liabilities that result from their preparation. Our expertise can help make tax savings when it comes to considering:
- Farmhouse expenses
- Revenue vs capital expenditure
- Stock & valuation
- Single Farm Payment & Grant recognition
- Capital allowance claims
We know what to look out for, and ensure the correct treatment of relevant items so that our clients pay the right amount of tax, and no more than that.