If you are not using a specialist Agricultural Accountant, these are some questions that you might wish to ask…
1. Do your year end accounts separate each farming enterprise to identify which are most profitable?
2. Are you receiving appropriate tax allowances for the farmhouse and any farm workers cottages?
3. Have you considered new herd basis elections after every change in partnership?
4. When profits fluctuate, are you making use of farmers averaging to reduce your tax and national insurance costs?
5. Do you have a capital equipment plan, discussed with your accountant, to maximise available capital allowances?
6. Are you keeping old farm buildings in full use to maintain important Inheritance Tax reliefs?
7. Is your business correctly structured to maximise tax reliefs and does this fit in with your succession plans?
8. Is the land ownership in the same names as the farming business and if not, have you discussed the consequences?
9. If you have property lets, are these shown as farm income to take advantage of the recent tax cases on Inheritance Tax?
10. Does your accountant work with your other professional advisors to provide pro-active advice and support?
Please contact Jonathan Crowther FCA to discuss our services.
Pershore 01386 552644 or Ledbury 01531 631500