There is no doubt in the current climate that the agricultural industry is facing a challenging period. External factors such as reform to the Common Agricultural Policy and the influence of large retailers has led to widespread uncertainty.
Running a successful farming business is no easy task in today's cimate, and even harder to sustain success. From our office in Ballyclare, agriculture makes up one of our largest client groups. We have identified this as a sector requiring specialist advice and we have developed a team to provide these services to clients. Agricuture is a sector with unique accountancy requirements and our staff have an excellent understanding of the industry.
Areas that farmers typically require assistance from us include:
-
Preparing monthly VAT Returns, to obtain refunds from HM Customs & Excise
- Advising on taxation issues - capital gains tax - roll over and taper relief, milk quota and development land. Income tax - capital allowances, averaging, herd basis
- Obtaining funding for business expansion, diversification and land purchase
- Preparing year end statutory accounts and tax returns
- Preparing profit forecasts and cash flows
- Capital gains tax advice in relation to succession planning and protecting the family business
- Structuring the business - limited companies, partnerships and trusts
- Inheritance tax reviews.