What we think


Is Incorporation still worth it?

Question: Two years ago our accountant encouraged us to transfer our farming business into a limited company – the aim being to reduce our tax bills. I am aware that companies pay lower tax rates and we have not paid any tax on the amounts we drew out of the company. However, I understand we… Read more


BASIC PAYMENT SCHEME & VAT

The majority of farmers will have or will be in the process of completing their BPS claim forms, before the 15 May deadline. A significant number need the help of professionals to do this task. Farmers may have also bought further entitlements ahead of the deadline to increase the value of their claim. Can the… Read more


FRS 102 for Farmers

Not just accountants technical jargon but impacting your accounts One of the most substantial changes to accounting standards in a generation is now in force with the introduction of the key new standards FRS 102, FRS 102.1A for small entities and FRS 105 for micro entities. Whilst this might sound like technical jargon that you… Read more


Are You Really Farming?

Why does “Farming status” matter? “Farming status” is a very important question for those who ‘farm’ their land through grazing or cropping licenses, contract or share farming arrangements. HM Revenue and Customs are often raising this question – whether you are farming or not can have significant tax consequences. The case of John Carlisle Allen v HMRC… Read more