AGRICULTURE Supporting Farmers, Landowners and Agricultural Businesses GET IN TOUCH LATEST NEWSLETTER PKF Francis Clark has worked with farmers, landowners and agricultural businesses since 1919. This experience in accounting for agriculture and rural businesses means we have a deep understanding of the needs of the modern farmer and the challenges they face. Check out some of the clients we work with: Farming business experience Our current agricultural clients range across the whole sector. We advise some of the country’s largest horticultural producers, dairy, livestock and arable farms. Preparation of annual accounts and tax returns Our specialist team of agricultural accountants have extensive experience with all the issues that farmers might come across with their finances. By gaining an understanding of you and your business, we look to produce comprehensive annual accounts for your business. We use our sector knowledge to ensure your accounts and tax returns are produced in a professional manner to show asset ownership and profit allocation in the most tax efficient way including careful consideration of: Farmers averaging Capital allowance claims Loss relief Herd and flock elections Tax In The Agricultural Sector Our agriculture business clients are experienced with planning and adapting land use to keep their farm efficient. At PKF Francis Clark, we can employ similar financial planning principles to help minimise your tax implications and maximise your business income. Our tax services will help you address: Inheritance Tax (IHT) The tax implications of leaving an agriculture business to your family can be extensive. Even if it’s a small business. We make use of all the relevant tax reliefs to protect your assets and your agriculture business Capital Gains Tax (CGT) Whether you are selling property to a third party or simply gifting it to the next generation we can assist you in planning to minimise the CGT position. We can offer expert tax advice to consider the available tax reliefs, including principle private residence relief, business asset disposal relief, gift relief and rollover relief and how the transaction might be structured to improve the tax relief available. Value Added Tax (VAT) VAT can be a complicated tax but failing to comply with it correctly can have serious consequences. We can help make sure that all the relevant tax gets paid and ensure your tax records are HMRC compliant. Our team is well placed to offer straightforward or highly complex VAT advice with the help of in-house VAT experts. Stamp Duty Land Tax (SDLT) Increasing SDLT is a significant cost on property transactions that is particularly relevant to farming businesses. If you’re purchasing new land or farm property, we can help identify whether any SDLT reliefs are applicable to help you keep your costs to a minimum. Research and Development (R&D) tax relief R&D tax reliefs can apply to farming businesses in certain situations. We can help identify if this is possible for you, and make sure you get this tax relief. Supporting Growth For A Rural Business We understand that in order to survive and thrive a rural business must be profitable. This is why we also offer financial advice about growth and diversification in the agricultural sector. Whether you are considering further land or farm acquisitions or taking a new direction with your business, we are able to advise on any development you are preparing to make. Keeping the succession of your rural businesses smooth Rural businesses are often family affairs that span generations. With succession planning, PKF Francis Clark can help you secure the assets of your business and protect your family’s wealth. We understand all aspects of the challenges of succession and whilst acknowledging that every case is different, we will look to use our knowledge and experience to listen to the wants and needs of all parties and offer practical solutions to suit you and other family members involved. This will often involve understanding the current position to identify current exposure to IHT and identifying how this might best be managed to protect the family farm and other assets. This might involve the making of lifetime gifts to family members or into trust, with associated tax considerations of making alternative plans to pay any tax liability arising. We are experienced in tackling all of the associated tax issues as well as ensuring that the business is structured in such a way to ensure that you are best placed to claim all the relevant reliefs, such as Business Property Relief (BPR) and Agricultural Property Relief (APR). We are experienced in providing the necessary business and tax advice on setting up contract farming or share farming agreements where appropriate. For your own future, we can also help with financial planning and investments to ensure that when your retirement comes you are supported and comfortable. Audit Services If your farming business is large enough to qualify for auditing, we can help you prepare for the process. Our team are up to date with every development in the audit process and will be able to support you through the entire process. Cloud accounting Life on a farm or other rural business can be high speed and high stress. Finding time to speak to accountants or address your tax situation can feel impossible. This is why we offer our agricultural clients support with cloud accounting. With cloud accounting, you can access your financial information anytime or place that suits you. Even better, we have real-time access too. Our team have expertise with a number of different accounting software services so you can pick one that suits you. An Integrated Approach PKF Francis Clark also has chartered accountants specialising in energy and infrastructure, food and drink and corporate finance. By working closely with these teams, our agricultural accountants are able to offer our clients comprehensive support to cover every area of their business. Our agriculture accountant services include: Preparation of annual accounts and tax returns Farm succession, planning for retirement and family wealth protection and maximising claims for available reliefs Strategic agriculture business and tax advice Planning to minimise Capital Gains Tax (CGT) on asset disposals Business structures Advice on accounting software; including Cloud Accounting and Making Tax Digital compliance Financing, budgeting & cash flow Stamp duty land tax advice Value Added Tax (VAT) advice Trusts advice and compliance Audit for larger entities Financial Planning advice on pensions and investments Specialist Energy & Infrastructure sector team Specialist Food & Drink sector team Latest Case Studies Hunts Cider - 'tis proper Devon cider! View Case Study Flowers by Clowance View Case Study Useful Links Brexit resources for the agriculture sector Meet our agricultural team Find out how we can support farmers, landowners and agribusinesses Get in touch Meet our Agriculture experts: Get in touch to find out how our Agriculture specialists can help you today: GET IN TOUCH VIEW OUR EXPERTS Latest Insights Farmers - the Farming Investment Fund has launched Blog Post | 17th November 2021 Annual Investment Allowance - Budget 2021 date extension to £1m limit Blog Post | 27th October 2021 Time to bunker down and ride out the storm? Blog Post | 25th October 2021 Agriculture and horticulture innovation funding: Industry-led R&D Partnerships fund Blog Post | 10th September 2021 Upgrading farm machinery: hire purchase or operating lease? 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