The agricultural industry and trades linked to the food chain are facing challenging times. External factors such as the strength of sterling, reform to the Common Agricultural Policy and the influence of the large retailers are creating widespread uncertainty. Running a successful agricultural business in today’s economic climate is no easy task, and it’s even harder still to sustain that success.
Agriculture tends to be capital intensive, so the approach to funding is important. Considerations of succession and capital tax planning (both inheritance tax and capital gains tax) may be vital. Our agricultural team recognise the complexities of agricultural businesses including family/employee relationships, and the complexities of EU subsidies, grants and quotas.
We can help with…
- Obtaining funding for business expansion, diversification and land purchase
- Preparing profit forecasts and cash flows
- Advising on taxation issues – capital gains tax – roll over and taper relief, milk quota and development land. Income tax – capital allowances, averaging, herd basis
- Preparing monthly VAT Returns, to obtain refunds from HM Customs & Excise,
- Structuring the business – limited companies, partnerships and trusts
- Providing and planning for pensions and advising on tenancies and property assets
- Assisting with succession and looking at Inheritance tax and succession planning
We also offer free of charge:
- Email or telephone advice on business related issues
- Regular email business and tax tips newsletter
- Reminders of key filing dates
To contact a member of our specialist agricultural team, please click here. Alternatively please call us on 01792 410100.