As a sector, agriculture goes beyond the traditional parameters of business to be a way of life. Nevertheless, the challenges that can face any business still exist, such as cash flow and succession planning.
However, there are also other external, uncontrollable factors such as the weather which can have a significant impact on the profitability of an agricultural business.
Whether you are a smallholding or a mega dairy, farm accounting involves the unique elements of living assets, being livestock or crops, which add a layer of unpredictability.
Specific financial advice is required which includes:
- Book-keeping services;
- Preparation of annual accounts/VAT returns/management accounts;
- Tax and other implications of diversification;
- Understanding the cashflow and profitability of the business and different income streams;
- Recording land and other assets and implications for depreciation and capital allowances;
- Valuing stock in the most appropriate method;
- Advice on accounting records, including the use of software such as Xero and Sage;
- Payroll calculations, submissions and returns; and
- Advice on business structures including incorporation, partnerships and tax implications.
- Inheritance tax planning and the availability of APR and BPR reliefs; and
- Advice on Capital Allowances.
- Succession issues, including planning, funding, tax and structure implications; and
- Cashflow and funding issues, particularly as an asset rich business, in challenging trading conditions.
Our knowledge of the sector is second to none:
- Members of MHA are involved in numerous industry bodies, including: the ICAEW Specialist Interest Group for Rural Businesses, the Charter Group for Agriculture and the National Farmer’s Union, CLA and Nuffield Foundation.
- Two of the partners in Larking Gowen are the authors of the ICAEW’s book on farm accounting.
Meet the team
MHA Broomfield Alexander’s specialist Agricultural team has detailed knowledge of farming and the specific requirements of farm accounts.
Agricultural Sector Team lead – Sarah Curzon, [email protected]
029 2054 9939 | 01633 265828 | 01792 790444 | 01600 712171