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.
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
It is great to have someone who understands farming and can relate to the issues farmers are facing
Riviera Produce Limited
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.
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.
Other services for the agriculture sector
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.
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