Farmers: planning for the medium and longer term

If your stock is valued on the herd basis, we’ll take the best care of your herd records so the herd basis rules can really benefit you and your family in the future. Maybe you’re considering reducing one enterprise to concentrate on another – in that case we can advise on stock numbers to take advantage of the ‘substantial’ herd reduction rule which can save you tax.

Planning an expansion or starting a new enterprise? We can help you prepare a business plan so that you (and your bank, if you hope to borrow money from them) can assess the expected future profits and cash flow.

Thinking of purchasing equipment? We can help you plan the timing of these investments wisely when cash is available and you can use available capital allowances to reduce your tax bills.

Disposing of land or other capital assets? We can help you plan a strategy to maximise reliefs and allowances available against capital gains tax.

Family members coming into the business, or leaving it? We can help you plan partnership profit allocations to make best use of everyone’s allowance entitlements and reduce the total tax and national insurance paid by your family.

Considering taking on employees? we can advise on PAYE obligations and reporting requirement.

And when the time comes to pass assets on to the next generation, we can help you plan ahead to ensure inheritance tax reliefs on farm and business assets are preserved, and inheritance tax is kept to a minimum.

Talk to us now on 01434 683020 or email alison@bluefaceconsulting.co.uk to see how we can help you with your farm accounting needs.

Initial consultations, held on your farm and at your convenience, are free and without any obligation.

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