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Agriculture is a specialised sector!
Agriculture has special taxation features and as such we believe it is necessary to either specialise, or not do it at all.
We have amassed specialist knowledge built up over the years and as such are well placed to advise on agricultural cases.
We have membership links with:
Country Landowners Association
National Farmers Union
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Sector Analysis
Although it is unwise to generalise it is fair to say that the farming sector has taken a beating of late. We do have agricultural based clients that are showing increased profits - but they are very much in the minority. Depending upon the accounting date the majority of accounts now being prepared are showing comparatively poor results, and some dramatically so.
So what can be done other than to batten down the hatches?
Business Efficiency & Control
This is no longer an option: it is a necessity.
We deal with in excess of 140 agricultural clients, we are professional members of the CLA and the NFU and we study the farming press. We are therefore ideally placed to advise on business issues and assist you in benchmarking your results against industry standards.
By studying the results of such an analysis we can assist you in planning to maximise opportunities, minimise waste and ensure that you will be well placed to benefit from future recovery.
Taxation Efficiency
With the Self-Assessment system the tax payments for unincorporated businesses are now made in three instalments; the first two are based on the previous year with a final adjustment in the following January. A poor result can therefore enable the tax payments to be reduced over a substantial period.
With collapsing markets and lower input costs considerable reductions in stock valuations may be justified, and with a review of a change of accounting date, the averaging of profits and the utilisation of tax losses there may be considerable scope for tax planning.
FMD was rife in the West Devon area and we have dealt with the taxation consequences of over ten cases where there were complete culls, and many more where animals were slaughtered under the Welfare scheme. With careful attention to detail we have been able to offer proactive taxation advice saving individual clients tens of thousands of pounds in permanent tax saving and similar sums in taxation deferment.
Diversification
Many of our clients have entered into diversification schemes in order to maximise the yield from their investments. We can assist with advice concerning the viability of new ventures, experience gained from other cases and proactive advice concerning taxation issues that may be dramatically effected by such a move.
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